Kuala Lumpur: Former 1MDB general counsel Jasmine Loo told the High Court today a total of US$15 million originating from 1MDB was deposited into two Swiss bank accounts and later used to purchase properties in London and New York.
Testifying in Najib Razak’s 1MDB trial, Loo said US$9 million was deposited into accounts at the Falcon Bank between 2012 and 2013.“This money was deposited by Jho Low,” she said under cross-examination by lawyer Shafee Abdullah, referring to fugitive financier Low Taek Jho.
SPONSORED CONTENT Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya when it posted record high state revenue of RM6.973 billion last year. Read more She said the Department of Justice commenced court proceedings and eventually forfeited all the money in the accounts and both properties with her consent.
“I have since found out that Eric Tan was involved in the investment through one of the companies,” she said. Asked if the purchases were an attempt by Low to legitimise unlawful proceeds, Loo responded: “Low was already a wealthy man. He was also managing funds for the Arabs. I did not know he was doing all this.”
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