The bid to set aside the court-ordered deadline to file claims comes weeks after courts in New Zealand and the Cayman Islands allowed new trustees to represent the interests of the trusts. Family members of Low, including his father and brother, previously tried to intervene in the litigation as beneficiaries of the trusts because the Swiss-based trustees had declined to do so.
(Feb 14): Trusts that hold hundreds of millions of dollars in assets the US claims Malaysian financier Low Taek Jho acquired with money siphoned out of a state investment fund are asking a judge to let them file late claims in the Justice Department’s forfeiture lawsuits.
The trusts filed their requests late Monday in federal court in Los Angeles where the Justice Department filed more than a dozen cases to recover more than a US$1 billion ($1.42 billion) in real estate and other assets the government claims were bought by Low, known as Jho Low, and his accomplices with money stolen from 1Malaysia Development Bhd.
