SINGAPORE (Sept 3): Larry Low Hock Peng, wanted by Malaysian authorities on a charge of ­money-laundering, has ceased to be a substantial shareholder in Singapore-listed Frencken Group, a company of which he was the founding chairman. Larry is the father of Low Taek Jho, better known as Jho Low, who is alleged to have masterminded the scheme to siphon billions of dollars from Malaysian sovereign wealth fund 1Malaysia Development Bhd.

According to a stock exchange filing on Aug 29, the senior Low’s interest in the company has fallen from 8.14% to 4.74%, or just under 20 million shares. The reduction in his stake came about after he disposed of his shares in an entity called Meng Tak Corp — named after his father — which is one of the entities he used to hold shares in Frencken, a mechanical and electronics equipment manufacturer.

The changes in the Frencken stake took effect on Aug 24 — the same day he was slapped with one criminal charge of money-laundering by Malaysian authorities. His son faces eight charges in connection with 1MDB. Arrest warrants for both father and son have been issued by Malaysian authorities.

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