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Another US$330 million went to Jho Low, says Sarawak Report

A US$330 million (RM1.18 billion) loan 1Malaysia Development Berhad (1MDB) had issued to PetroSaudi International in 2011 was actually deposited into the account of Good Star Limited, a firm controlled by businessman Low Taek Jho, whistleblower site Sarawak Report claims.

The money was transferred in four separate tranches into Good Star Limited’s RBS Coutts, Zurich account, said Sarawak Report, citing documents from official investigators.

However, approval had only been granted by the regulators for 1MDB to lend the money to its former joint venture partner, PetroSaudi, on the basis that it was to “finance on-going overseas investment in the oil and gas sector”, said Sarawak Report.

It said the rational for the loan approval was “to pursue a strategic and global partnership in the energy sector and promoting foreign direct investment into Malaysia”.

There was no mention made of the company Good Star Limited in the loan application and neither was approval granted for the money to be sent to it, said Sarawak Report.

The investigation also revealed that the USD$330 million, which was sent to Good Star Limited, was officially reported to Bank Negara as having been paid to the PetroSaudi company 1MDB PetroSaudi, it said.

“The question now is who was responsible for providing this misleading information that Good Star Limited was a subsidiary company of PetroSaudi International,” Sarawak Report said.

“Also, why did none of the banks involved in any of these transactions ever see fit to file a suspicious transaction report?”

According to the website’s calculations, USD$1.19 billion of the USD$1.93 billion that 1MDB lent to PetroSaudi ultimately went to Good Star Limited.

…more
Another US$330 million went to Jho Low, says Sarawak Report
26 April 2015 – TMI

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