Friday, 19 June , 2020     |     1937      |      +      |     

Kuwaiti accomplice of Malaysia fugitive in 1MBD scandal is founder of New York firm

Kuwaiti accomplice of Malaysia fugitive in 1MBD scandal is founder of New York firm :
  • Coronavirus

A young Kuwaiti man, the partner of the fugitive Malaysian financier Jho Low and prime suspect in the Malaysian Fund case 1MDB, is one of the founding owners of a New York-based investment company that manages portfolios and investment funds, documents obtained by Al Qabas revealed.

The documents showed the American company in which the man is a co-founder (where he has a transportation company in Kuwait), was able to obtain tens of millions of dollars between June 2016 and November 2019, the same period in which suspicions of money laundering of the 1MDB fund in Kuwait were detected.

Sources close to 1MDB’s investigations said a large part of the values written in the American company’s funds may have been covered by investors in Kuwait.

The sources asked, “Have these funds been used to receive the funds of the 1MDB fund after they were laundered in Kuwait?, stressing that a foreign owner of the American company visited Kuwait several times, over the past years, and that it was likely that his visits were related to the operations of covering investment fund subscriptions.

The Kuwait’s Public Prosecution has received files belonging to three Kuwaiti companies accused of money laundering in the 1MDB case.

WSJ said Low had turned to Kuwait’s royal family in early 2016, as US authorities began closing in and unraveling his life as a jet-setting deal-maker who financed the “The Wolf of Wall Street” movie and extravagant parties that drew Leonardo DiCaprio and other stars.

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Category: #Coronavirus, #Kuwait News | 2020/06/19 latest update at 3:12 PM
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