Prosecution awaits outcome of IRB-OCBC talks in forfeiture of Jasmine Loo’s condo

Prosecution awaits outcome of IRB-OCBC talks in forfeiture of Jasmine Loo’s condo
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KUALA LUMPUR (Nov 24): The High Court was told on Thursday (Nov 24) that the prosecution will be waiting for the outcome of a meeting between the Inland Revenue Board (IRB) and OCBC Bank (M) Bhd officials over a third-party claim on a condominium unit belonging to 1Malaysia Development Bhd’s (1MDB) former general counsel Jasmine Loo Ai Swan, whose whereabouts are unknown.

Deputy public prosecutor Noor Zalizan Lazarus informed Judicial Commissioner Datuk Azhar Abdul Hamid that the meeting took place earlier this week, and the prosecution will need time to find out the results of the discussions.

Hence, Noor Zalizan wants the court to consider alternating the Dec 16 date, which was earlier fixed for hearing, as another case management to update the court.

OCBC Bank’s counsel Lim Jun Yik said he has no objection to the prosecution’s move to turn the next date as case management.

Following this, Azhar concurred and said the court agreed to transform Dec 16 as case management, and would then fix a hearing date on that day if the parties decide not to settle.

The prosecution is trying to forfeit two properties, including a condo in Mont Kiara, along with a Volkswagen Beetle and an Audi.

Loo, 49, left Malaysia before the 14th general election in 2018. She is listed as a wanted person and her whereabouts are unknown.

Previously, reported that Loo's Mont Kiara condo was set to be auctioned off following an application filed by OCBC Bank over her alleged failure to settle an outstanding loan sum of more than RM300,000.

Loo is said to be in fugitive financier Low Taek Jho's (Jho Low) inner circle in the 1MDB financial heist, as her name cropped up on numerous occasions in the ongoing 1MDB-Tanore trial involving former prime minister Datuk Seri Najib Razak and also during the Roger Ng trial in New York earlier this year.

On Feb 9, 2021, the government through the IRB filed two legal suits to recover RM2.4 million in tax arrears from Loo and RM6.7 million from another Jho Low associate, Casey Tang Keng Chee.

On Feb 18, 2021, the High Court obtained a judgement in default against Loo over the unpaid taxes.

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Prosecution seeks to forfeit Jasmine Loo's cars, properties

Lam Jian Wyn