By Stephanie Jacob
Wong Chen
Parliament administrators have rejected a question put forward by Kelana Jaya MP Wong Chen to the Finance Ministry for information on how much tycoon Taek Jho Low, better known as Jho Low received in emoluments for his roles in the Terengganu Investment Authority (TIA) and in 1Malaysia Development Bhd (1MDB).
The question had asked for information on what role Jho Low played in TIA and 1MDB, either directly or through his associate companies and how much he had received in compensation.
In an official response to the MP, Roosme Hamzah who is the Dewan Rakyat secretary said that the MP’s request was denied on the basis that a question cannot be used to formulate an idea or to seek a solution on a legal matter that has not become a problem or to obtain answers concerning speculative matters
The MP posted a picture of the letter on his Facebook wall, saying that he believed “none of the scenarios she raised in rejecting my question is applicable.” He pointed out that since it was public knowledge that Jho Low had played a role in TIA, it is likely he would have been paid.
In response to Kinibiz, Wong Chen said that he has written to the Parliamentary secretary for a further explanation and clarification. He added that should he not receive a satisfactory response in the next few days, he will call for a press conference next Monday.
Jho Low
Jho Low has acknowledged his role in the setting up of TIA, saying that he was approached to be part of it because of his strong connections to oil and gas figures in the Middle East and his in depth knowledge of the way their sovereign funds run.
It is believed that his role in TIA was also to help the state sovereign fund in issuing its bond papers and in lining up investors.
His participation in the fund has come under scrutiny, as there have been suggestions that his associates benefited from picking up the RM5 billion in bonds that were issued by TIA at the expense of local bankers.
It is also not known how much he was paid for getting the investors to take up the bonds on offer, which is presumably the info Wong Chen is trying to get.
As for 1MDB, Jho Low has maintained that he does not have a direct role, a point that is reiterated by the fund itself.
Nonetheless his closeness to entities such as Mubadala Development Company (Mubadala) which has entered into lucrative and questionable agreements with 1MDB, suggests that there is a stronger link than either he or the fund have been willing to admit. Both also maintain that Jho Low has never received any compensation for any liaison work.
Kinibiz has looked into the controversial 1MDB in two series that can be found here and here.
In his early 30s, Jho Low is well known both for his wealth and his apparent high flying lifestyle. He is said to be close to politicians, top corporate figures and even royals both locally and abroad.
He is seen as a controversial figure, and questions have been raised over how he managed to amass so much wealth at such a young age. His closeness to top government officials and their families (he is said to be close to the prime minister’s wife Rosmah Mansor) has led to suggestions that his is a benefactor of political patronage.
Jho Low however has said that he has good connections in the Middle East, which were developed from his schooling days in abroad in the UK.
You must be logged in to post a comment.