Jho Low’s Back In The News – This Time For Fund Transfers To Kim K, Pharrell
Financial fraud investigator Richard Templeman testified at the court trial against former 1MDB chairman Irwan Serigar Abdullah and former CEO Arul Kanda Kandasamy.
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We all know that fugitive financier Low Taek Jho aka Jho Low loved splurging on celebrity appearances and buying them exorbitant gifts.
In the latest court hearing of the 1MDB case, financial fraud investigator Richard Templeman revealed that Jho Low transferred US$306,000 and US$100,000 in 1MDB funds to reality TV star Kim Kardashian and her ex-husband, Kris Humphries.
According to SCMP, Templeman said the purpose of these transactions was “currently unknown.”
Jho Low also transferred US$2.025 million in 1MDB funds to American Grammy award-winning artiste Pharrell Williams via Talamasca Inc., a company linked to the artiste.
The transactions between 11 August and 17 November 2011 carried details of the payments such as “part payment for music production” and “Letter of Agreement DD 3 Nov 2011 Red Spring Investments And Talamasca/Pharrell Williams.”
Templeman said publicly available information links Talamasca Inc. with the musician Pharrell Williams.
Templeman was testifying at the trial of the sovereign wealth fund’s US$6.59 billion lawsuit against former 1MDB chairman Irwan Serigar Abdullah and former CEO Arul Kanda Kandasamy.
Templeman added that Jho Low transferred millions of dollars allegedly received from 1MDB through Good Star Ltd, a shell company owned by Low.
The funds Low had transferred to the celebrities were allegedly misappropriated from a joint venture agreement between 1MDB and Petrosaudi Ltd and transferred to Good Star.
Templeman explained that there were a series of fund transfers via offshore companies, with the monies used for the personal benefit of his co-conspirators, relatives, and associates.
Good Star also transferred US$13.5 million to a Riyad Bank account held by a ‘Prince Faisal Turki Al Saud’ and ‘Prince Saud Abdulaziz Al-Saud’ in two stages — US$12 million on 10 June 2011 and US$1.5 million on 30 June 2011.
Financial fraud investigator Richard Templeman
On 13 June 2022, after receiving US$12 million from Good Star’s account, US$10 million was transferred from the (Riyad Bank) account to the AmBank account owned by Najib Razak.
This was based on checks on the bank statements of former prime minister Datuk Seri Najib Razak’s Ambank account. The value in Ringgit matches the US Dollar value based on the exchange rate then.
The 1MDB suit was filed in May 2021 by the sovereign wealth fund against its former director and president, Mohd Irwan and Arul Kanda.
It alleged that both defendants had committed a breach of trust and conspiracy that resulted in US$1.83 billion in losses related to the company’s investment in 1MDB-Petrosaudi Ltd.
This is a separate case from another 1MDB trial involving Najib, who faces charges for allegedly receiving RM2.27 billion in gratification. He was charged with four counts of power abuse and 21 counts of money laundering in that trial.
Previous gifts from Jho Low to celebrities
Throughout the 1MDB investigation, we knew he allegedly gifted supermodel Miranda Kerr a see-through clear acrylic grand piano and diamond jewellery pieces. Kerr has returned all the valuables but the grand piano had to stay because it couldn’t be moved out of the house.
To remove the piano, they would need to break down a part of her house so it was eventually decided the piano is to remain with her. But, she can afford the house repairs though??
Low also allegedly gave Kim Kardashian money to buy a white Ferrari as her wedding gift after a night of gambling in Las Vegas. At the time, she was to marry Kris Humphries in 2011.
During one of the gambling sessions, Low gifted Paris Hilton US$250,000 in chips as well.
On a separate occasion, Low gifted actor Leonardo DiCaprio two expensive paintings: a US$9 million Basquiat and a US$3.2 million Picasso. The actor has surrendered both paintings to the US government.
He also returned an Oscar won by Marlon Brando, which was given to him as a set gift by Red Granite to thank him for his work on The Wolf of Wall Street.
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