SINGAPORE (Aug 30): Larry Low Hock Peng, the father of Jho Low, has ceased to be a substantial shareholder of Frencken Group.
The elder Low’s deemed holdings in Frencken was cut to 4.74%, from 8.14% previously, after the disposal of his shares in Meng Tak Corporation, the Low family company named after his father Low Meng Tak.
The Malaysian government last Friday filed criminal charges against both Jho and Larry Low over the 1Malaysia Development Bhd (1MDB) case.
According to court documents sighted by The Edge, Jho Low was slapped with eight charges under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act, 2001 (Act 613). Three of the charges were for receiving money and the remaining five were for transferring the cash.
His father faces one charge of transferring US$56 million to his son.
Jho Low, whose real name is Low Taek Jho, is wanted in Malaysia for money laundering and has been described in US court filings as the man who orchestrated the theft of more than US$4 billion ($5.5 billion) from 1MDB.
The elder Low is a co-founder of Frencken and was the second-largest shareholder in the contract manufacturer. He stepped down from the board amid the 1MDB scandal.
As at 12.10pm, shares in Frencken are trading at 39 cents, down 28% since the start of the year.