KINIBIZ Controversial 1MDB has a ‘triple-tier’ corporate governance structure, with a board of advisers chaired by the prime minister himself in addition to having a board of directors overseeing the senior management team.
That adds another shade of perplexing contradiction in light of the company’s dodgy dealings and controversial decisions in the past. KINIBIZ examines in no particular order some important characters involved:
Jho Low, the dealmaker
Penang-born Low Taek Jho, more commonly known as Jho Low, is a young businessman in his early 30s living a high-profile life, by his own admission rubbing shoulders with the likes of Paris Hilton and Leonardo DiCaprio.
Interestingly, the son of Larry Low of MWE Holdings fame began forging connections with the wealthy of the world when he went to top UK boarding school Harrow and then Wharton School of Business. There he reportedly became close to scions of wealthy Arab families, a connection which later would seemingly be instrumental in his deals.
It was also during this time that he got to know the prime minister’s stepson Riza Aziz, who was studying at the London School of Economics at the time. This led to Jho Low growing close to Riza’s mother Rosmah Mansor as well, according to a New York Times report earlier this year.
These connections grew increasingly significant as he began to be involved in 1MDB back in its early days - this goes back to the time when the company was still known as Terengganu Investment Authority (TIA) and controlled by the Terengganu state.
For the full story go to KINIBZ .
Yesterday: Anatomy of a money-spinner
Tomorrow: How 1MDB lost RM6 billion through bond mispricing