KUALA LUMPUR – Fugitive businessman Low Taek Jho or Jho Low (picture) and his father, Tan Sri Larry Low Hock Peng, were today sentenced to imprisonment for breaching the asset freezing or Mareva injunction orders issued by the court in March and April this year which required them to disclose their whereabouts and assets.
High Court Judge Hayatul Akmal Abdul Aziz issued the warrant of committal after allowing an application by 1Malaysia Development Berhad’s counsel, Siva Kumar Kanagasabai.
1MDB and its subsidiary Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd) filed the committal application in May, after not receiving any response from the defendants in accordance with the Mareva injunction.
When met by reporters after the proceedings, Siva Kumar said the judge also ordered the duo to pay RM5,000 in costs.
“The judge also sentenced them to imprisonment until the contempt is purged,” said the lawyer.
During today’s proceedings, both the son and the dad were unrepresented as their lawyers, from Messrs Valen, Oh & Partners, had discharged themselves last July.
On Aug 12, the court granted 1MDB and Global Diversified Investment Company leave to initiate contempt against the two.
The two companies obtained the ex-parte Mareva injunction on March 15, and this was extended 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 his father’s assets, which are said to be related to 1MDB.
Jho Low and his father were supposed to disclose to 1MDB and its subsidiary, their whereabouts and of their assets within 14 days of service of the March 15 and April 20 orders on their lawyers. They had not done so.
Following their failure to disclose as ordered, 1MDB and the subsidiary followed up with the contempt proceedings. – Bernama / pic TMR File