Jho Low, puppet master who concealed his role and became RM516 million richer

The Edge Weekly tracks Low Taek Jho's transactions involving three companies, and unveil's how the businessman made half-a-billion ringgit profit. – File pic, June 14, 2015.

Low Taek Jho or Jho Low made a profit of RM516 million through a series of transactions between 2007 and 2010 involving three Bursa-listed companies, The Edge Weekly reported in its latest issue.

The companies were UBG Berhad, Putrajaya Perdana Berhad and Loh and Loh Corp Berhad.

The Edge Weekly detailed all the various transactions, and said Jho Low was the puppet master and main beneficiary.

He concealed the extent of his involvement using bearer share companies and firms with names that gave the impression they belonged to governments of the Middle East when they were not.

The business publication said Jho Low used US$260 million that originated from 1MDB to finance these transactions.

- TMI