Cyprus seizes property of fugitive financier Jho Low amid case of money laundering from 1MDB fund

Fugitive Malaysian financier Jho Low’s luxury seaside villa in Cyprus is set to be auctioned after a Nicosia district court issued a confiscation order on the property this week. 

The Cyprus attorney general’s office said in a June 9 statement that it had jointly applied to seize the property with the country’s Unit for Combating Money Laundering. 

The decision to confiscate the property represents the first time such an action has been taken in Cyprus without a conviction by a local court, and according to the statement issued, was taken with the consent of Low’s legal team. 

OCCRP emailed Low’s previously known attorneys in Cyprus for comment but did not receive a response before publication.

Low’s current whereabouts are unknown; he has been a fugitive since an Interpol Red Notice was issued for him in 2016 at the request of Singapore and Malaysia.

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It is not yet clear whether the proceeds from the auction of his Cyprus property will be distributed to the Malaysian government, which has launched a number of international legal proceedings over the theft of at least $4.5 billion from its sovereign wealth fund.

Low is alleged to have masterminded the fraud and money laundering scheme, which allegedly siphoned funds from the state-owned 1Malaysia Development Berhad (1MDB) to offshore companies and banks across the globe between 2009 to 2015.

The brazen nature of the alleged fraud grabbed international attention, as it financed lavish lifestyles, implicated Goldman Sachs, and landed Malaysian Prime Minister Najib Razak and his wife, Rosmah Mansor, in prison for corruption.

Low allegedly used his ill-gotten proceeds to make splashy purchases, including a transparent grand piano for supermodel Miranda Kerr, a New York City penthouse once owned by Jay-Z, a $6 million emerald green soup can painted by Andy Warhol, and an entire hotel in Beverly Hills.

Low bought the Cyprus property, a luxury seaside villa in the Cape Greco area of Ayia Napa, in 2015 for 5.9 million euros. The purchase was used in his securing of nationality in the country under the now-defunct Cyprus Citizenship by Investment (CIP) or “golden passport” scheme.

Reports about the 1MDB scandal and Low’s alleged role had emerged prior to the approval of his application for citizenship. The Unit for Combating Money Laundering flagged concerns to Cyprus’ Interior Ministry during his application, according to a report drafted by a Cypriot government investigative committee.

In May 2023, the Cypriot Cabinet of Ministers announced that they had stripped Low of his Cyprus citizenship over his role in the 1MDB scandal, a process that concluded in June 2024 with a rejection of an appeal by Low.