Liquidator traced misappropriated 1MDB funds through 29 offshore entities, court told

 Offshore asset recovery specialist Angela Barkhouse agrees that fugitive financier Jho Low was among those at the centre of the 1MDB controversy.

1MDB is seeking to recover about US$5.64 billion from former prime minister Najib Razak and several other individuals, alleging that the funds were misappropriated.

KUALA LUMPUR:

Offshore asset recovery specialist Angela Barkhouse told the High Court here today she had been appointed by various courts as liquidator for 29 offshore entities allegedly used as intermediaries to misappropriate funds from 1MDB.

Barkhouse, the third witness in the US$5.64 billion 1MDB civil suit against former prime minister Najib Razak, said the appointments were made between July 2021 and May 2025.

The entities included Lucetta Investments Ltd, PetroSaudi Oil Services Ltd, TKIL Global Investments Ltd, PetroSaudi International, Aabar International Investments PJS Ltd, Alsen Chance Holdings Ltd, Blackrock Commodities (Global) Ltd, and Platinum Global Luxury Services Ltd.

Barkhouse, the managing director of Kroll (Cayman) Ltd, said her analysis had enabled her team to trace funds allegedly misappropriated from 1MDB through a complex network of offshore entities associated with those involved in the alleged fraud.

“My investigations remain ongoing. I continue to obtain and analyse information relating to the fraud on behalf of the liquidated estates, and to pursue claims against parties alleged to have facilitated the movement or laundering of misappropriated funds,” she said.

During cross-examination by Najib’s lead counsel, Shafee Abdullah, Barkhouse agreed that fugitive financier Low Taek Jho, better known as Jho Low, was among those at the centre of the controversy surrounding 1MDB.

Shafee: In the course of your investigation, you came across the name Jho Low?

Barkhouse: Yes.

Shafee: A very short but very important question. Do you agree with me that, in your investigation, Jho Low lies at the centre of this controversy and in conspiring to destroy 1MDB?

Barkhouse: Among others, yes.

Asked whether she agreed that Jho Low was the main person behind the alleged conspiracy, Barkhouse said she was uncertain as her focus was on those who received the allegedly misappropriated funds.

1MDB is seeking to recover about US$5.64 billion from Najib and several other individuals, alleging that the funds were misappropriated.

The sovereign wealth fund and its four subsidiaries – 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd, and Global Diversified Investment Company Ltd – filed the suit on May 7, 2021.

The suit also names former 1MDB CEO Nik Faisal Ariff Kamil, former executive director of business development Casey Tang, and former deputy chief financial officer Terence Geh.

The other defendants are former chief investment officer Vincent Beng, former chief operating officer Radhi Mohamad, and former director of investments Kelvin Tan.

Counsel Lim Chee Wee leads 1MDB’s legal team.

The hearing before Judicial Commissioner Redzuan Idrus continues tomorrow. - FMT