The U.S. government is set to forfeit two multi-million dollar Embraer Phenom 300 jets allegedly purchased with money stolen from an Malaysian state fund by fugitive financier Low Taek Jho, also known as Jho Low. The U.S. Marshals Service intends to seize the jets and sell them, with the proceeds going to a Malaysian government bankruptcy fund that hopes to recoup that stolen monies.
Low has been accused of using stolen funds to purchase the jets as part of an alleged scheme to launder money through the United States. The U.S. government has frozen some of his assets, including the planes, which it has valued at between $93 and $100 million.
The jets had been seized in 2018, shortly after Low’s flight from justice. Low has since become a fugitive with an Interpol Red Notice against him, and his whereabouts unknown. The U.S. Department of Justice has declared him a “fugitive from justice,” and the U.S. Marshals Service has sought to seize his assets.
In addition to the two jets, the U.S. has sought to seize other assets purchased with funds from Low’s alleged masterminded fraud. These have included the Park Lane Hotel and the Pointe, a luxury project in the Bahamas. A New York court has already granted a judgment that funds acquired from the alleged fraud be frozen and that the proceeds from the sale of the jets and other assets be returned to the rightful owners.
The forfeiture process has been ongoing for some time, and the sale of the Phenom 300 jets is seen as a crucial move in the effort to recover the stolen money. The proceeds should help to pay off some of those affected by Low’s alleged fraud, and to hold him accountable for his actions.
