The luxury residence of Malaysian businessman Jho Low in Ayia Napa is heading toward liquidation, following the securing of a confiscation order by the Unit for Combating Money Laundering (MOKAS). The case concerns a seafront mansion in Cape Greco, which is said to have been purchased for an amount approaching €5 million.
The request by the Legal Service and MOKAS was examined by the Nicosia District Court, which approved the relevant procedure. Particular significance is attached to the fact that, according to available information, this is an unprecedented order of its kind, as the liquidation of property is being ordered without a prior criminal conviction of the owner in the Republic of Cyprus.
It remains unclear whether the proceeds from the sale of the property will be transferred to Malaysia or will follow another legal route.
It remains unclear whether the proceeds from the sale of the property will be transferred to Malaysia or will follow another legal route. The Malaysian side has taken international action in relation to the 1MDB case, one of the largest financial crime scandals worldwide, involving alleged embezzlement of at least $4.5 billion from the country’s state investment fund during the period 2009–2015.
Jho Low, who is considered by Malaysian authorities to be a central figure in the fraud and money-laundering network, had acquired Cypriot citizenship under circumstances that raised questions. In May 2023, the Council of Ministers decided to revoke it, citing the fact that he is wanted in connection with the case.
Source: Fileleftheros
