UMNO Youth spinmasters making me 1MDB scapegoat, says Jho Low

KUALA LUMPUR — Businessman Low Taek Jho, better known as Jho Low, has made a stout defence of his role in 1Malaysia Development Berhad (1MDB), saying in an interview with business monthly Euromoney that the attacks against him are “crazy” and “ridiculous”.

The Hong Kong-based Mr Low, 33, told the magazine in its April edition: “There are so many other people who get away with ridiculous billions and billions worth of projects. But every single time there seems to be a political attack, wow, suddenly Jho is there again.”

In the interview conducted last month in Hong Kong, republished from Euromoney yesterday in Malaysia’s The Edge Financial Daily, Mr Low said he decided to speak out because the 1MDB issue had become ridiculous.

“There are all these guys with their arrows out on me. There seems to be a very, very coordinated attempt to say: ‘This young Chinaman, it’s all his fault, he caused the failure of 1MDB and apparently he advised the PM and everything is screwed up now’,” he was quoted as saying.

The wholly owned Finance Ministry investment vehicle, established in 2009, has recently come under fire for the firm’s allegedly opaque investment decisions and for amassing a reported RM42 billion (S$15.5 billion) debt pile.

The controversy centres on allegations that Mr Low diverted US$700 million (S$951 million) from 1MDB.

In the same interview, Mr Low also blamed the youth wing of the ruling United Malays National Organisation (UMNO) party for making him a scapegoat, and called UMNO leaders a bunch of “spinmasters”.

“All these guys go round and round and I say: ‘Guys, it’s very simple, there’s a board, who is the shareholder’? ”

“Are you telling me that the ministry, the Finance Minister, who is the Prime Minister — and there are only two to three people in the Finance Ministry that sign off on shareholder resolutions under law — that they just signed without evaluating it?”

Mr Low’s comments drew sharp rebuke from UMNO Youth Exco member Ibdillah Ishak, who said that Mr Low should not have accused UMNO of misrepresenting issues concerning the state investment vehicle.

“There is no need to defame UMNO leaders when you are facing such huge problems,” Mr Ibdillah said.

“It is as if he wants to get himself off the hook.”

Echoing UMNO Youth Chief Khairy Jamaluddin, who said Mr Low must be investigated over his role in 1MDB, Mr Ibdillah urged Prime Minister Najib Razak to expedite the probe on 1MDB and expand this to include Mr Low.

“We cannot wait any longer, this is a public matter ... If any individual is found to have committed a breach of trust, misappropriated public funds and more, they must be punished,” he added.

Mr Low also suggested his high-profile lifestyle was to blame for attacks against him.

“Because there are all these pictures of me and Paris Hilton drinking, then you play to the Bumiputera card, ‘Oh, the Chinaman stole all the money and blew it all on alcohol’.”

He added he did not fear arrest on his return to Malaysia, saying his biggest concern was that documents could be fabricated although he acknowledged he had no proof of such acts.

According to Euromoney, much of the speculation around Mr Low’s involvement in 1MDB relates to his role in its predecessor, the Terengganu Investment Authority, the state fund he devised with the state’s royals that was later taken over by the federal government.

Mr Low also insisted his links to 1MDB were either vicarious through the Middle Eastern investors he advises or informal in the form of casual consultations by the firm’s employees.

Mr Najib, who is chairman of 1MDB’s advisory board, last month ordered the Auditor-General and Public Accounts Committee to investigate 1MDB.

The move did not appease former Prime Minister Dr Mahathir Mohamad, who is critical of 1MDB and Mr Low’s alleged involvement with the firm. Dr Mahathir has launched high-profile criticism of Mr Najib and his administration over the issue.