The company may be one of the places where Jho Low has money that originated from 1MDB.
Fugitive financier Low Taek Jho, or Jho Low, controls US$333 million through a British Virgin Islands company which has an office in Shanghai, said the author of a book on the 1MDB scandal.
Citing public records, Bradley Hope said Jinweijing Business Consulting recently changed ownership from JynWel, the Low family’s holding company, to another entity, Grace Zenith Limited.
Hope said Jinweijing had been set up by Low and his business associate, Seet Li Lin, in 2015 and it has an office at the iconic Shanghai World Financial Center.
The company then changed its name to Guiyue Business Consulting, with Low and Seet’s names removed from the records, he said.
He claimed that Guiyue’s new owner, Grace Zenith, paid a subscribed capital of US$333 million to be placed in the company.
“This suggests that this (company) is one of the major places in which Jho Low has money that originated from 1MDB,” he said on the “Where is Jho Low?” online programme.
Hope questioned what Grace Zenith, based in the British Virgin Islands, does and what other assets it may own, and claimed that “the company is still in operation”.
“You would think that with such a notorious financial criminal, the world would be on hyper alert about any potential abuse of the global financial system,” he said.
“This proves the point that if you’ve got a lot of money and you’re laundering it on a high level, you’re untouchable”.
Hope said he had initiated a search on social media for Low in August.
Low, who has been charged in Malaysia and the US over allegations that he orchestrated the theft of US$4.5 billion from 1MDB, is believed to be in Macau, although Beijing has denied protecting the fugitive financier.
Hope’s book, titled “The Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood and the World”, which he co-wrote with Tom Wright, chronicles the 1MDB corruption scandal, which also paints Low as the alleged mastermind. – FMT