1MDB 'victim' of Jho Low, say Singapore prosecutors

SINGAPORE prosecutors called 1Malaysia Development Bhd (1MDB) a “victim” of Malaysian financier Low Taek Jho, who used money traceable to the state investor for his own benefit, in court filings reported by Bloomberg today.

About US$1 billion (RM4.3 billion) that 1MDB purported to invest in a joint venture with PetroSaudi International Ltd was diverted to a bank account beneficially owned by Low, the prosecutors said in the court filings made public today.

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