The Malaysian government is trying to repossess a Global Express 5000 business jet bought by financier Low Taek Jho, allegedly using funds defrauded from the state investment fund 1MDB, Reuters has reported.
The aircraft is currently parked at Singapore Seletar at the Jet Aviation MRO centre.
The fund said it was working closely with the authorities. The police in Singapore added that so far no formal request to repatriate the aircraft to Malaysia has been filed.
Low Taek Jho, also known as Jho Low, allegedly spent USD35.4 million defrauded from 1MDB to buy the Bombardier Aerospace business jet back in 2010. The allegation is a result of an investigation by the US Department of Justice (DOJ) which found that in total some USD4.5 billion were defrauded from the public fund. A large chunk of the assets was then allegedly used by ousted Prime Minister Najib Razak and his close associates to purchase luxury goods, such as private jets, superyachts, and collectable paintings.
Besides the Malaysian state-run investigation, the DOJ is also seeking to recover funds spent illegally from the 1MDB.
