Tycoon Low Taek Jho, better known as Jho Low, merely played the role of a coordinator in a hotel takeover bid in which 1Malaysia Development Berhad (1MDB) was part of.
Low's office said this in response to queries by Malaysiakini about the businessman's alleged backing by 1MDB in a £1.028 billion (RM5.7billion) takeover bid of Maybourne Hotel Group in UK.
Low's office added that he was coordinating the deal together with Aabar Investments PJS, an Abu Dhabi government-controlled sovereign wealth fund.
"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," Jho Low's office said in a statement.
It added that Low and his associated companies commonly partner with prominent co-investors when proposing and making acquisitions and Low had a track record of "adding value" to such deals.
"Ultimately and unfortunately, this bid was lost to other more attractive bidders," he said.
'Low did not benefit from 1MDB'
His office reiterated that Low had not benefited from 1MDB.
"Low and/or any company in which Low wholly owns has never received any compensation or patronage directly from any entity wholly owned by the government of Malaysia.
"Low has never held any position in 1MDB or in the government of Malaysia.
"Low was appointed as one of the many advisors invited by the stakeholders of Terengganu Investment Authority (TIA) to provide advice from January 2009 to mid-May 2009 given his market-based knowledge. Low has not been involved in TIA since mid-May 2009," it said.
TIA is 1MDB's initial name before it was taken over by the federal government to function as a sovereign wealth fund for the country.
Court judgment puts spotlight on 1MDB
Sarawak Report on May 2 highlighted a UK High Court judgment concerning a dispute about the Coroin hotel deal where it noted 1MDB had issued a letter of support for Low's offer.
Coroin is the investment vehicle of distressed Irish businessman Derek Quinlan, which then owned the Maybourne Hotel Group and has under it the Claridge's, the Connaught and the Berkeley hotels in London.
The whistle blower site had questioned both Low and 1MDB'sprevious denials of any links to each other.
"It confirms that the offer referred to by Justice Richards had been placed on the table with the written backing of 1MDB for a bid of just over £1billion pounds (RM5.5 billion)," the report said.
The judgment was delivered by Justice David Richards of the Chancery Division of Britain’s Royal Courts of Justice.
Low has captured public attention in Malaysia over his alleged close ties with Prime Minister Najib Abdul Razak's family.
Low's office said this in response to queries by Malaysiakini about the businessman's alleged backing by 1MDB in a £1.028 billion (RM5.7billion) takeover bid of Maybourne Hotel Group in UK.
Low's office added that he was coordinating the deal together with Aabar Investments PJS, an Abu Dhabi government-controlled sovereign wealth fund.
"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," Jho Low's office said in a statement.
It added that Low and his associated companies commonly partner with prominent co-investors when proposing and making acquisitions and Low had a track record of "adding value" to such deals.
"Ultimately and unfortunately, this bid was lost to other more attractive bidders," he said.
'Low did not benefit from 1MDB'
His office reiterated that Low had not benefited from 1MDB.
"Low and/or any company in which Low wholly owns has never received any compensation or patronage directly from any entity wholly owned by the government of Malaysia.
"Low has never held any position in 1MDB or in the government of Malaysia."Low was appointed as one of the many advisors invited by the stakeholders of Terengganu Investment Authority (TIA) to provide advice from January 2009 to mid-May 2009 given his market-based knowledge. Low has not been involved in TIA since mid-May 2009," it said.
TIA is 1MDB's initial name before it was taken over by the federal government to function as a sovereign wealth fund for the country.
Court judgment puts spotlight on 1MDB
Sarawak Report on May 2 highlighted a UK High Court judgment concerning a dispute about the Coroin hotel deal where it noted 1MDB had issued a letter of support for Low's offer.
Coroin is the investment vehicle of distressed Irish businessman Derek Quinlan, which then owned the Maybourne Hotel Group and has under it the Claridge's, the Connaught and the Berkeley hotels in London.The whistle blower site had questioned both Low and 1MDB'sprevious denials of any links to each other.
"It confirms that the offer referred to by Justice Richards had been placed on the table with the written backing of 1MDB for a bid of just over £1billion pounds (RM5.5 billion)," the report said.
The judgment was delivered by Justice David Richards of the Chancery Division of Britain’s Royal Courts of Justice.
Low has captured public attention in Malaysia over his alleged close ties with Prime Minister Najib Abdul Razak's family.
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