Arrest Larry Low. EX- PM Najib's "Arab" donor
by Ganesh Sahathevan
Much of the "billionaire" Low family story is on the public and the record suggests that the Lows have nothing near the billions Jho Low claims they are worth. In fact, the public record suggests that family patriarch Larry Low (Jho's father) has always ever been only a fixer,or "consultant" ,and that Jho Low is simply following in daddy's footsteps. Indeed,the record shows that Jho reports to daddy,and it is Larry who is orchestrating the 1 MDB debacle.
As previously reported on this blog, UMNO whistle blower Khairuddin Hassan has in a compliant lodged with Hong Kong police pointed the finger of blame for the loss of the 1 MDB billions at Larry. Following that report Sarawak Report has today reported that Swiss authorities have frozen Larry's bank accounts in their country as part of their investigation into the laundering of 1 MDB's billions.
That Larry should be accused of mishandling other peoples' money is not surprising when one considers his history ,and realizes that he has never been the cashed-up investor Jho Low says he, his father and grandfather have always been.
Larry Low's MWE-Sports Toto misadventure in 1991 clearly shows he was never in charge of even MWE Holdings Bhd, which is said to have been his main listed vehicle:
According to the Jynwell Capital website:
Mr. Jho Low started his own investment business early while studying at The Wharton Business School, University of Pennsylvania. After inheriting a portion of the family’s global business, he became the third generation of the Low Family to operate the family business since his late grandfather, Dato’ LowMeng Tak travelled from China to establish business in Malaysia in the 1940s.
To fulfill the promise made to Mr. Low’s late grandfather, Mr. JhoLow spends a considerable amount of time devoted to volunteer and philanthropic commitments globally with an interest in cancer care and cure (Mr. Low’s late grandfather passed away from cancer), while expanding the family’s international investments in partnership with global investors such as the Blackstone Group's GSO Capital Partners LP, Sony Corporation of America and others. – May 5, 2014.
Clarifying facts about Jho Low’s businesses – Media Statement
Published: 5 May 2014
Firstly, we wish to thank the media outlets who have taken the time to contact us.
In light of recent media reports in relation to Mr. Jho Low, many of which were published without seeking prior commentary resulting in certain inaccuracies, this statement is being issued to clarify the facts and provide some background information:
Co-investment strategyMr. Low and/or his associated companies commonly partner with prominent co-investors when proposing and making acquisitions. Mr. Lowhas a strong track record of creating value in the deals in which he participates. Mr. Low was a co-investor and led the coordinating efforts for the proposed bid for Maybourne Hotel Group (Claridge's, the Connaught and the Berkeley in London) along with Aabar Investments PJS (an Abu Dhabi Government controlled sovereign wealth fund entity). 1Malaysia Development Berhad (1MDB) was one of the several investors invited by Aabar Investments PJS to evaluate this early-stage investment opportunity in 2010/2011. To facilitate the bid, some initial interested investors provided preliminary letters of intent in support of the bid.
Ultimately and unfortunately, this bid lost to other more attractive bidders. Mr. Low will continue to seek out attractive acquisition targets in partnership with prominent co-investors located around the world.
Adherence to relevant regulatory and legal guidelines
All business that Mr. Low conducts in Malaysia and internationally adheres to all relevant regulatory and legal guidelines.
Clarification regarding 1MDB
Mr. Low and/or any company in which Mr. Low wholly owns has never received any compensation or patronage directly from any entity wholly owned by the Government of Malaysia.
Mr. Low has never held any position in 1MDB or in the Malaysian government. Mr. Low was appointed as one of the many advisors invited by the stakeholders of Terengganu Investment Authority (TIA) to provide advice from Jan 2009 to mid-May 2009 given his market-based knowledge. Mr. Low has not been involved in TIA since mid-May 2009.
Personal Background
Mr. Jho Low started his own investment business early while studying at The Wharton Business School, University of Pennsylvania. After inheriting a portion of the family’s global business, he became the third generation of the Low Family to operate the family business since his late grandfather, Dato’ LowMeng Tak travelled from China to establish business in Malaysia in the 1940s.
To fulfil the promise made to Mr. Low’s late grandfather, Mr. JhoLow spends a considerable amount of time devoted to volunteer and philanthropic commitments globally with an interest in cancer care and cure (Mr. Low’s late grandfather passed away from cancer), while expanding the family’s international investments in partnership with global investors such as the Blackstone Group's GSO Capital Partners LP, Sony Corporation of America and others. – May 5, 2014.
* This is a media statement issued by Jho Low's publicists in reply to questions from The Malaysian Insider.END
Much of the "billionaire" Low family story is on the public and the record suggests that the Lows have nothing near the billions Jho Low claims they are worth. In fact, the public record suggests that family patriarch Larry Low (Jho's father) has always ever been only a fixer,or "consultant" ,and that Jho Low is simply following in daddy's footsteps. Indeed,the record shows that Jho reports to daddy,and it is Larry who is orchestrating the 1 MDB debacle.
As previously reported on this blog, UMNO whistle blower Khairuddin Hassan has in a compliant lodged with Hong Kong police pointed the finger of blame for the loss of the 1 MDB billions at Larry. Following that report Sarawak Report has today reported that Swiss authorities have frozen Larry's bank accounts in their country as part of their investigation into the laundering of 1 MDB's billions.
That Larry should be accused of mishandling other peoples' money is not surprising when one considers his history ,and realizes that he has never been the cashed-up investor Jho Low says he, his father and grandfather have always been.
Larry Low's MWE-Sports Toto misadventure in 1991 clearly shows he was never in charge of even MWE Holdings Bhd, which is said to have been his main listed vehicle:
With their textile operation running at full capacity and their garment production fully booked for this year, MWE's main shareholder Larry Low Hock Peng and his Thai partner Surin Upapatthangkoon have been wooing institutional investors with a strong measure of success. But company executives agree that FEA's acquisition of Sports Toto from tycoon Tan Sri Vincent Tan Chee Yioun has placed the company in a quandary.
Following Far East Asset Bhd's (FEA) highly leveraged acquisition of gaming unit Sports Toto Malaysia Sdn Bhd for M$600 million (S$370 million) last week, foreign investment analysts have turned skittish over MWE's prospects as a growth stock.
"As owners of a 26 per cent stake in FEA, MWE stands to lose more if it decides to maintain its stake in FEA," said a Singapore-based analyst, who has been actively trying to promote MWE for the last one year.
(Leslie Lopez, Far East Asset's Sports Toto deal puts MWE in a quandary.
Business Times Singapore,5 October 1991)
"As owners of a 26 per cent stake in FEA, MWE stands to lose more if it decides to maintain its stake in FEA," said a Singapore-based analyst, who has been actively trying to promote MWE for the last one year.
(Leslie Lopez, Far East Asset's Sports Toto deal puts MWE in a quandary.
Business Times Singapore,5 October 1991)
It is clear from the above that the Sports Toto/FEA acquisition was forced on MWE, and Larry was not in a position to say no.
Fast forward 14 years to the present time and one can see from the following that Larry continues to only invest other peoples' money,and that it is he,not son Jho Low, who is really in charge of the "billionaire Low family fortune".
First there is this announcement marking their joint acquisition of the Canadian company:
Coastal Energy Company ("Coastal" or the "Company") (TSX:CEN) (AIM:CEO) announced today that it has entered into a definitive merger agreement providing for the acquisition by Compañia Española de Petroleos, S.A.U. ("CEPSA") of all of the issued and outstanding shares of Coastal at a price of C$19.00 per common share in cash. The purchase price represents a premium of 28% to the closing price of the Company's common shares on the TSX on November 18, 2013. The purchaser is a newly-incorporated CEPSA
Jho Low, spokesperson for SRG added, "We are excited to invest with CEPSA in Coastal. With our strong relationships in Asia and CEPSA's strength in the E&P, we believe we can grow Coastal's footprint in Asia and further enhance the Company's operations."
("SRG")Strategic Resources (Global) Limited is a private investment holding company controlled by international value investor Larry Low H P.
Then there are these contradictory Jho Low, spokesperson for SRG added, "We are excited to invest with CEPSA in Coastal. With our strong relationships in Asia and CEPSA's strength in the E&P, we believe we can grow Coastal's footprint in Asia and further enhance the Company's operations."
("SRG")Strategic Resources (Global) Limited is a private investment holding company controlled by international value investor Larry Low H P.
According to the Jynwell Capital website:
Jynwel Charitable Foundation Limited ("Jynwel Foundation") was created as the philanthropic arm of Jynwel Capital Limited (Jynwel Capital), an investment and advisory firm. Jynwel Foundation is built on Jynwel Capital and the Low Family’s shared heritage and vision for investing in society. As such, Jynwel Foundation seeks to fund breakthrough programs that are working to solve the toughest problems in global health, education, and conservation.
This contradicts what is on on Larry Low's website:
Tan Sri Low is a benefactor of the Jynwel Charitable Foundation, which advances groundbreaking initiatives across several major global industries including health and education.
It also contradicts what Jho Low has said recently:
Mr. Jho Low started his own investment business early while studying at The Wharton Business School, University of Pennsylvania. After inheriting a portion of the family’s global business, he became the third generation of the Low Family to operate the family business since his late grandfather, Dato’ LowMeng Tak travelled from China to establish business in Malaysia in the 1940s.
To fulfill the promise made to Mr. Low’s late grandfather, Mr. JhoLow spends a considerable amount of time devoted to volunteer and philanthropic commitments globally with an interest in cancer care and cure (Mr. Low’s late grandfather passed away from cancer), while expanding the family’s international investments in partnership with global investors such as the Blackstone Group's GSO Capital Partners LP, Sony Corporation of America and others. – May 5, 2014.
The part in bold seems to be a recent addition, meant to deflect questions about he being backed by 1MDB,as is the purpose of this Jynwel press release:
Clarifying facts about Jho Low’s businesses – Media Statement
Published: 5 May 2014
Firstly, we wish to thank the media outlets who have taken the time to contact us.
In light of recent media reports in relation to Mr. Jho Low, many of which were published without seeking prior commentary resulting in certain inaccuracies, this statement is being issued to clarify the facts and provide some background information:
Co-investment strategyMr. Low and/or his associated companies commonly partner with prominent co-investors when proposing and making acquisitions. Mr. Lowhas a strong track record of creating value in the deals in which he participates. Mr. Low was a co-investor and led the coordinating efforts for the proposed bid for Maybourne Hotel Group (Claridge's, the Connaught and the Berkeley in London) along with Aabar Investments PJS (an Abu Dhabi Government controlled sovereign wealth fund entity). 1Malaysia Development Berhad (1MDB) was one of the several investors invited by Aabar Investments PJS to evaluate this early-stage investment opportunity in 2010/2011. To facilitate the bid, some initial interested investors provided preliminary letters of intent in support of the bid.
Ultimately and unfortunately, this bid lost to other more attractive bidders. Mr. Low will continue to seek out attractive acquisition targets in partnership with prominent co-investors located around the world.
Adherence to relevant regulatory and legal guidelines
All business that Mr. Low conducts in Malaysia and internationally adheres to all relevant regulatory and legal guidelines.
Clarification regarding 1MDB
Mr. Low and/or any company in which Mr. Low wholly owns has never received any compensation or patronage directly from any entity wholly owned by the Government of Malaysia.
Mr. Low has never held any position in 1MDB or in the Malaysian government. Mr. Low was appointed as one of the many advisors invited by the stakeholders of Terengganu Investment Authority (TIA) to provide advice from Jan 2009 to mid-May 2009 given his market-based knowledge. Mr. Low has not been involved in TIA since mid-May 2009.
Personal Background
Mr. Jho Low started his own investment business early while studying at The Wharton Business School, University of Pennsylvania. After inheriting a portion of the family’s global business, he became the third generation of the Low Family to operate the family business since his late grandfather, Dato’ LowMeng Tak travelled from China to establish business in Malaysia in the 1940s.
To fulfil the promise made to Mr. Low’s late grandfather, Mr. JhoLow spends a considerable amount of time devoted to volunteer and philanthropic commitments globally with an interest in cancer care and cure (Mr. Low’s late grandfather passed away from cancer), while expanding the family’s international investments in partnership with global investors such as the Blackstone Group's GSO Capital Partners LP, Sony Corporation of America and others. – May 5, 2014.
* This is a media statement issued by Jho Low's publicists in reply to questions from The Malaysian Insider.
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