The Financial Times says Deutsche Bank acted as a correspondent bank and processed the cross-border transfer of the payment, made from Jho Low's Swiss account at Falcon Bank to the Bank of Cyprus. FMTNews DeutscheBank JhoLow
PETALING JAYA: Germany’s biggest lender Deutsche Bank cleared nearly €6 million for fugitive businessman Low Taek Jho in 2015 ahead of his purchase of a house which allowed him to obtain a Cypriot passport under a scheme offering citizenship to foreigners who invest in high-end property, the Financial Times reports.
Low, better known as Jho Low, then spent €5 million on a house in the resort town of Ayia Napa in Cyprus before heading to the capital of Nicosia to pick up a Cypriot passport under the republic’s “golden passport” scheme. This occurred just months after he was first accused of helping to misappropriate more than US$700 million from state investment arm 1MDB.
Last November, news broke that he had obtained a Cypriot passport following intervention on his behalf by Archbishop Chrysostomos II, head of the Orthodox Church on the eastern Mediterranean island.
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