KUALA LUMPUR (Oct 17): Fugitive Low Taek Jho and his father Tan Sri Larry Low Hock Peng have been sentenced to prison by the High Court on Monday (Oct 17) for not abiding by the Mareva injunction, or order to freeze their assets, granted to 1Malaysia Development Bhd (1MDB) and its subsidiary Global Diversified Investment Company Ltd last April 20.

Global Diversified Investment Company was formerly known as 1MDB Global Investments Ltd.

The warrant of committal was made by judge Hayatul Akmal Abdul Aziz, following an application made by 1MDB, which was represented by counsel Siva Kumar Kanagasabai from Skrine.

Following this, both Taek Jho — better known as Jho Low — and Hock Peng can be sentenced to prison until they purge the contempt imposed on them.

To purge the contempt, the pair must first abide by the conditions imposed in the injunction, and then tender an apology when and if they return.

Siva Kumar said once the committal order is received and sealed, they would forward a copy to the police.

Hayatul granted on Aug 12 leave (permission) for 1MDB and Global Diversified Investment Company to initiate contempt against the duo.

1MDB and Global Diversified Investment Company obtained the ex-parte Mareva injunction on March 15, and this was affirmed on April 20, where the companies applied to freeze US$1.03 billion of Jho Low’s assets and another US$401.5 million of Hock Peng’s assets, which are said to be related to 1MDB.

Jho Low and Hock Peng were supposed to disclose to 1MDB and Global Diversified Investment Company where the duo and their assets were located within 14 days of the March 15 order. They had not done so.

Following this, 1MDB and the subsidiary followed up with the contempt proceeding.

Both Jho Low and Hock Peng are not in Malaysia.

The duo were also ordered to pay costs of RM5,000 by Hayatul to 1MDB and Global Diversified Investment Company.

The father and son were not represented in Monday's proceedings, after their lawyers from Messrs Valen, Oh & Partners discharged themselves last July.

The US$1.43 billion worth of funds and assets sought in the injunction against Jho Low and Hock Peng is part of the US$3.78 billion claim that 1MDB and Global Diversified Investment Company, along with IMDB Energy Holdings Ltd, 1MDB Energy (Langat) Ltd and 1MDB Energy Ltd, sought from the duo, along with another four defendants.

The other four defendants in the suit filed in May 2021 are Jho Low’s mother Puan Sri Goh Gaik Ewe, his brother Taek Szen, sister May Lin, and his fellow accomplice and right-hand man Eric Tan Kim Loong.

In the amended statement of claim last July, the companies are seeking a declaration that the fugitive businessman is a trustee of US$657.75 million, and that the amount, which was misappropriated from the now-defunct state fund, be returned. The original writ stated the amount as US$1.03 billion, without other details, before it was amended for the first time to US$660.75 million.

Meanwhile, the fund is also seeking a declaration that Jho Low and his father are trustees of US$327.75 million. In the original writ, the amount was stated as US$328 million, before it was amended to US$324.75 million.

For Jho Low and May Lin, 1MDB wants a declaration that they are both constructive trustees of US$3.5 million.

Meanwhile, two 1MDB subsidiaries — namely 1MDB Energy and 1MDB Energy (Langat) — named Jho Low and Tan as joint trustees of a whopping US$1.09 billion.

Both 1MDB Energy and 1MDB Energy (Langat) are also seeking from Jho Low, Tan and Goh to return either US$1.695 million worth of jewellery or a return of that sum.

Global Diversified Investment Company further claimed that Jho Low, Tan and Hock Peng are constructive trustees of a sum of US$629.602 million.

The company also claimed that Jho Low, Tan and Taek Szen are constructive trustees of US$2 million.

Additionally, the company alleged that Jho Low, Tan, Hock Peng and Taek Szen are constructive trustees of US$25.5 million.

Meanwhile, 1MDB Energy Holdings is seeking a declaration that Jho Low and Tan are constructive trustees of a sum of US$397.333 million.

1MDB and its subsidiaries are also seeking general, aggravated, and punitive damages in addition to the sums.

Jho Low is now controlling a business consulting firm via a company incorporated in the British Virgin Islands, which has offices in the iconic Shanghai World Financial Center, according to American journalists Tom Wright and Bradley Hope.

Read also:
High Court allows 1MDB to start contempt proceedings against Jho Low, dad for ignoring asset freeze order
Mareva injunction against Jho Low and father stands, required to disclose assets and whereabouts
Messrs Valen & Oh allowed to discharge themselves from representing Jho Low and his father
Court allows 1MDB's writ against Jho Low, five others to be amended again