This article first appeared in The Edge Financial Daily on February 12, 2020

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has issued an alert to Interpol after issuing warrants of arrest against fugitive businessman Low Taek Jho (Jho Low) and PetroSaudi International Ltd (PSI) directors Patrick Mahony and Tarek Obaid after they were charged in absentia in a court on Monday.

The MACC charged the three men for allegedly engaging in criminal conspiracy involving former premier Datuk Seri Najib Razak and 1Malaysia Development Bhd (1MDB).

The alleged conspiracy involves the commission of an offence by Najib for using his position as prime minister, finance minister and 1MDB advisory board chairman to seek gratification for himself involving RM60.63 million.

“On Sept 26, 2009, he (Najib) directed the board of directors of 1MDB … to pass a resolution authorising 1MDB to participate in a joint venture with PSI by investing in the capital of 1MDB PetroSaudi Ltd by subscribing for one billion ordinary shares in 1MDB PetroSaudi at US$1 each for a total consideration of US$1 billion [or equivalent in ringgit],” the charge sheet read.

On May 16, 2011 at the 1MDB office here, Najib caused 1MDB’s board of directors to pass a circular resolution authorising an additional RM1 billion investment under the Murabaha financing agreement dated March 31, 2010, with 1MDB-PetroSaudi, it said.

Obaid, Mahony and Jho Low were alleged to have engaged in the criminal conspiracy between Feb 24, 2011 and June 14, 2011.

They are alleged to have committed an offence punishable under Sections 23(1), 24(1) and 28(1)(c) of the MACC Act 2009. Anyone committing an offence under Section 23 can, upon conviction, be jailed up to 20 years and be fined.

Obaid and Mahony also face a separate charge for engaging in money laundering on Sept 30, 2009 at Switzerland-based JP Morgan (Suisse) SA involving US$300 million being proceeds of an unlawful activity from 1MDB.

According to the charge sheet, the money was deposited into 1MDB-PetroSaudi’s bank account, and that Obaid and Mahony committed the offence under Section 4(1)(a) of Malaysia’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Upon conviction, Obaid and Mahony are liable to a fine not exceeding RM5 million or an imprisonment term not exceeding five years or both.

According to Bernama, MACC filed the applications for the warrants of arrest at the Magistrate’s Court here yesterday, and the applications were registered in the presence of Magistrate S Mageswary.

The MACC is charging the trio as they may have access to details on the money, said MACC chief commissioner Latheefa Koya, adding that it is part of the commission’s ongoing recovery-cum-investigation on 1MDB and SRC International Sdn Bhd.