Jho Low used US$260 million 1MDB cash to take over UBG

A report by The Edge Weekly reveals how Jho Low in 2010 used 1MDB's US$260 million cash to take over UBG Bhd. – Screenshot from YouTube.

The Edge Weekly has published an exposé on how businessman Low Taek Jho, or Jho Low, had in 2010 used US$260 million of 1Malaysia Development Bhd's (1MDB) cash to do a take over of UBG Bhd.

In its latest issue, the business weekly said Low was helped by executives of 1Malaysia Development Bhd (1MDB) and PetroSaudi International and it published emails between them as proof of the scheming.

UBG at the time was controlled by Tun Abdul Taib Mahmud, then chief minister of sarawak, and was cash rich after selling RHB Bank two years earlier. – The Edge Weekly