The Low family are trying to fight the tide of the US government’s asset forfeiture case by moving their family trusts from Switzerland to the jurisdiction of New Zealand and the Cayman Islands:
The family of the businessman known as Jho Low claims the Swiss trustees holding their assets are afraid to fight back against the U.S. for fear of being prosecuted in the global game of investment hide and seek set off by the alleged disappearance of more than $3.5 billion of the $8 billion raised by 1Malaysia Development Bhd.
Four relatives of Low, including his father and brother, now say they will ask courts in the Cayman Islands and New Zealand to replace the Swiss trustees — so they can avoid having their possessions go to the U.S. by default. […]
The Low assets at issue include a $380 million stake in New York’s Park Lane Hotel, a $107-million interest in EMI Music Publishing, a $35-million Bombardier Jet, and a $30-million penthouse at Time Warner Center in New York. The trusts that hold the assets call for application of either New Zealand or Cayman Islands law, according to the family’s filing on Monday.
Jho Low Family Digs in to Stop 1MDB Asset Seizure by U.S. (Bloomberg)
