CFA Society Singapore
SINGAPORE (June 14): The US Department of Justice (DoJ) described Eric Tan Kim Loong, 40, as an associate of Low Taek Jho or Jho Low.
He served as a proxy for Low in numerous financial transactions. He was the stated beneficial owner of several bank accounts, including in Singapore, into which misappropriated 1MDB funds were transferred.
It was literally through Tan’s hands (bank accounts) that US$2.36 billion ($3.15 billion) originating from 1MDB was moved to the accounts of various people, including former Malaysian prime minister Najib Razak — always at the instruction of Low.
Tan held the Blackstone Asia Real Estate and Tanore Finance Corp accounts, which saw billions of dollars being transferred into from 1MDB accounts.
Following which, under the instructions of Low, Tan distributed funds to individuals affiliated with 1MDB, International Petroleum Investment Company (IPIC) and Aabar Investments PJS Ltd (Aabar BVI).
Currently, Tan is wanted by both Malaysian and Singaporean authorities.
The Malaysian Anti-Corruption Commission (MACC) announced last week that it is on the lookout for Tan, along with three other individuals – Tang Keng Chee, Geh Choh Heng and Loo Ai Swan – who are alleged to be related to its investigation of financial irregularities at 1MDB.
Find out more about these wanted individuals in this week’s issue of The Edge Singapore (Issue 835, week of June 18), on sale now at newsstands.
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