Hornbill Unleashed

June 17, 2017

DoJ: Jho Low spent US$1.3 million on jewellery for MO1’s wife

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

jholow-jewelers-dojSome US$1.3 million in funds traceable to misappropriated Deutsche Bank loan proceeds was used to purchase 27 pieces of jewellery for the wife of “Malaysian Official 1” (MO1) in 2014.

According to the US Justice Department (DoJ), Penang-born tycoon Low Taek Jho, popularly known as Jho Low, arranged for the purchase and payment of the 18-carat gold necklaces and bracelets from Schwartz Inc in New York.

The DoJ said Lorraine Schwartz was invited to show MO1 the jewellery at the Hotel Bel-Air in Los Angeles on or about Jan 3, 2014.

Low texted Schwartz that day to confirm that she was there. At the hotel, Schwartz had dinner with MO1 and others before being invited to a suite to display the jewellery.

The DoJ said she selected 27 different necklaces and bracelets.

The invoice for the jewellery was sent to Blackrock, “Attention: Board of Directors”. According to the DoJ, the invoice number was 6039.

The invoice, dated June 23, 2014, included articles such as a white gold and white diamond rose cut bangle worth US$52,000, four white gold, white diamond and black jade bangles worth US$68,000 and a white gold, white diamond and black diamond necklace worth US$240,000.

The invoice also included items such as a rose gold multi-coloured heart-shaped sapphire necklace worth US$150,000, a rose gold white diamond necklace worth US$70,714 and three black gold brown diamond rose cut bangles worth US$76,125.

“These 27 pieces corresponded to the pieces that the wife of Malaysian Official 1 had selected in Los Angeles on or about Jan 3, 2014,” the DoJ said.

“The total purchase price for all 27 assorted gold necklaces and bracelets was US$1,300,000.”

According to the DoJ, MO1 is a high-ranking official in the Malaysian government who also held a position of authority with 1MDB.

Source : FMT Online


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