Taek Jho Low, better known as Jho Low, has said that he has not benefitted from political patronage in Malaysia. The young tycoon, who is in his 30s, was responding via his representative in Edelman, New York to a story in KiniBiz.
“Low has never held any position in 1Malaysia Development Berhad (1MDB) or the Government of Malaysia. He has not been involved in Terengganu Investment Authority (TIA) since Mid-May 2009. Low was one of many advisers invited by the stakeholders of TIA to provide advice from Jan 2009 to Mid-May 2009 during the initial stages of TIA due to his market-based knowledge with respect to the running of sovereign funds.”
“Neither Low nor any company in which Low is a shareholder has ever received any compensation directly from TIA, 1MDB or the Government of Malaysia, or from any activity related to TIA.”
MPs were prevented from asking questions about this matter in Parliament, even though this is the exact purpose for which a Parliament exists in the first place.
So Malaysians have been denied a response from their government and have to rely on a statement from a New York PR company, hired by this amazingly wealthy young pal of the PM’s wife, Rosmah Mansour and of her son, the also amazingly wealthy young Riza Aziz.
In this carefully worded statement Jho Low refers to his “market based knowledge” as being the reason why he was consulted on the formation of 1MDB and the now discarded investments in PetroSaudi.
Yet the then 27 year old has already explained how his wealth owed to his ability to impress his various friends’ rich parents into investing in his youthful ventures, not experience in the market place.
And note the careful wording. “Jho Low has received no direct compensation from the Malaysian government.”
A fuller answer would be appreciated and in the proper place.