S’pore claims linked to Jho Low associate Eric Tan, says 1MDB task force

Claims for more than US$1 billion in damages filed in Singapore against DBS Bank are linked to accounts opened by an associate of fugitive businessman Low Taek Jho, better known as Jho Low, says the 1MDB asset recovery task force.

The task force referred to a claim filed in the Singapore High Court by the court-appointed liquidators of four companies – BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners and TKIL Global Investments Ltd.

In a statement, the task force said the five DBS accounts were opened in 2013.

It said the account-opening documents named Tan Kim Loong, better known as Eric Tan, as the sole beneficial owner of all four companies.

The task force said Tan, a Malaysian, was also the signatory for all five accounts and is a known associate of Low, who acted as his proxy.

The task force said money received in the accounts was transferred among the four companies without any legitimate purpose before being paid to third parties, including jewellers, a private jet charterer and nightclubs.

Some of the money was also used in connection with the purchase of a superyacht, it said.

“Between 2013 and 2014, more than US$1 billion stolen from 1MDB and SRC International passed through these four companies.

“That money is owed to 1MDB, so any recovery by the four companies and their court-appointed liquidators is a recovery for Malaysia,” it said.

The task force welcomed the legal action, saying the liquidators were pursuing the claim for the benefit of fraud victims, including 1MDB.

It also said banks were the “gatekeepers” of the financial system and should raise questions when shell companies with no apparent business activity moved large sums of money between accounts before making payments to luxury goods dealers.

“Our position is simple. This is a proper claim by court-appointed liquidators, and any money recovered will be returned to the Malaysian people,” it said.

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