KUALA LUMPUR, Nov 17 ― Fugitive businessman Low Taek Jho has agreed to withdraw claims on the luxury New York Park Lane Hotel, therefore allowing its sale to Mubadala Development Company to take place.
According to a press statement issued by Low's spokesman, the sale to the Abu Dhabi government owned company is part of a US forfeiture lawsuit.
Low's spokesman said the fugitive made the decision to withdraw his claim after a “lengthy and successful negotiations” endorsed by the US Department of Justice (DoJ) and Mubadala.
“...Claimants in the civil proceedings relating to the Park Lane Hotel in New York will seek to withdraw their claims to the property, thereby paving the way for the expeditious sale of the hotel to Abu Dhabi’s Mubadala and other investors.
“Low is in agreement with the prospective actions of the parties to this proceeding, which will serve as an important step towards ensuring the value of the property is maintained through immediate sale,” the spokesman said in a statement.
It also pointed out that the US government understood that Low was not admitting guilt, wrongdoing or any liability by withdrawing his claim.
The hotel is only one among other high profile assets that Low has agreed to sell. Others include EMI Music, Blackstone’s GSO Capital Partners, David Geffen and the Jackson estate to the Sony Corporation.
The fugitive wanted for defrauding 1Malaysia Development Berhad (1MDB) said he was looking forward to continue cooperation with the US government and assets’ owners to ensure that the value was maintained and that “the rule of law is properly followed.”
Recently, the source material for bestseller The Billion Dollar Whale had spent more than US$1.1 million (RM4.6 million) in a global publicity exercise to brighten his tarnished reputation as the alleged mastermind of the 1MDB financial heist scandal via two high-powered US law firms.
The New York Times had reported the “litigation communications” campaign was carried out by Kobre & Kim and Schillings International over the past seven months.
The services covered round-the-clock crisis public relations response, efforts to shape internet search results, and a website with international reports and legal filings aimed at bolstering the Penang-born’s side of the story.
Payments were reportedly made to three public relations firms and a digital search firm.
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