Who is Jho Low?
Malaysian born billionaire Low is the previous owner of the yacht Tranquility. He named her Equanimity. His ownership of the yacht was confirmed in a US Court case.
He is the co-founder and Chief Executive Officer of Jynwel Capital Limited. It is an international investment and advisory firm based in Hong Kong.
Through Jynwel Capital the family owns a share in EMI Music Publishing. And in Myla Lingerie and the Park Lane Hotel in New York.
Low is the grandson of Chinese-born mining and liquor entrepreneur Meng Tak. Tak built his fortune in Thailand in the 1960s and 1970s. Through iron-ore mining and liquor distilleries. He invested his profits in real estate.
Low Family’s holding Company
Low’s father Tan Sri Larry Low Hock Peng is known as Larry Low. He continued to invest the family’s fortune in real estate and in stock markets.
The family’s investment holding company Strategic Resources Global Limited holds stakes in Coastal Energy and FrenckenGroup.
Larry Low was conferred Commander of the Order of Loyalty to the Crown of Malaysia. It was done by the King if Malaysia, which carries the title “Tan Sri”.
The Low family is an active philanthropist through their Jynwel Charitable Foundation. In 2013 Low donated US$50 million to the MD Anderson Cancer Center in Houston.
Jho Low Net Worth
His net worth was estimated at US$ 1 billion.
The US authorities filed a criminal case again Mr Jho Taek Low. Claiming that he transferred US$ 1 billion in funds from the Malaysian authorities to a private account.
The Complaint alleges that 1MDB formed a joint venture with a Saudi oil extraction company call PetroSaudi International. And that 1MDB initiated multiple funds transfers to the joint venture in relation to energy investments in Turkmenistan and Argentina.
1MDB is a strategic investment and development company wholly-owned by the government of Malaysia.
The Complaint alleges that the funds for this investment were improperly diverted to a bank account in Switzerland. The accounts were held in the name of Good Star Limited.
This company was beneficially owned not by PetroSaudi or the joint venture, but by LOW Taek Jho. This is now known as the 1MDB scandal.
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What Did Jho Low Buy?
The department of justice complaint alleges that Low used the US$ 1 billion for his private benefit. Some of the items he purchased:
– The yacht Equanimity for US$ 250 million.
– A Bombardier Global 5000 private jet (registration N689WM) for US$ 35 million.
He bought several pieces of art:
– a Vincent van Gogh painting for US$ 5 million.
– two paintings by Monet. Saint-Georges Majeur for US$ 35 million and Nympheas for US$ 58 million
– two paintings by Pablo Picasso. Tete de femme” US$ 40 million and Nature Morte au Crane de Taureau for US$ 3 million. He gifted this painting to Leonardo Dicaprio for his birthday.
Also, he bought real estate:
– A penthouse in the Walker Tower in New York for US$ 50 million.
– The Laurel Mansion in Beverly Hills for US$ 31 million.
– The Qentas Townhouse in London for US$ 40 million.
– A penthouse in Stratton Street, London for US$ 60 million.
He also bought a US$ 27 million 22-carat diamond pink necklace. And he chartered the 147-meter yacht Topaz for one week for US$ 3.5 million.
Low often partied with celebs such as Paris Hilton, her sister Nicky Hilton, Miranda Kerr, and Lindsay Lohan.
In June 2017 the United States was starting civil forfeiture of all these assets. In February 2018 the yacht was seized by the Indonesian government on behalf of Malaysia and the USA. The Malaysian Prime Minister Najib Razak admitted Low was wanted by the Government.
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