Insider Business FT: Deutsche Bank facilitated wiring of Cyprus funds of Malaysian Jho Low

FT: Deutsche Bank facilitated wiring of Cyprus funds of Malaysian Jho Low

The funds used to purchase Malaysian Jho Low’s €5m Cyprus villa under the island’s passport investment scheme were wired from the Swiss Falcon Bank to the Bank of Cyprus via Deutsche Bank, the Financial Times reports.

The €6m transfer was reportedly facilitated by Deutsche Bank who acted as a correspondent bank, a practice whereby big banks provide smaller ones with various financial transaction services for a fee.

The funds arrived at Low’s Bank of Cyprus account in June 2015, months after he was embroiled in the 1MDB scandal that saw the embezzlement of billions of dollars from a government-run strategic development company.

Low made national headlines in Cyprus in November when he used the funds wired by Deutsche to buy an Ayia Napa villa on church land, via which investment he acquired a Cypriot passport through the government’s investment scheme.

Read more:

https://in-cyprus.com/wanted-malaysian-acquired-e5m-villa-on-church-land/

Top Stories

24-year-old who was speeding was deprived of driving license

On 3 January, a 24-year-old was stopped at the Larnaca-Kofinou road because he was driving at 207 kilometers. He was scheduled to appear before a...

Industrial area to be established next to the Nicosia Mall

The Environmental authority gave the green light for the establishment of a big industrial zone within the boundaries of the Lakatamia Municipality, in an...

COVID-19: Cyprus’s position compared to other countries

Approximately a year has gone by since the beginning of the COVID-19 pandemic. Since the end of 2019 the vaccination against the virus has...

Coronavirus or not, Cypriots and Greeks have sex at least twice a week

Coronavirus pandemic or not Cypriots and Greeks have sex at least twice a week on average, according to a latest on-line research study by...

Briton living in Paphos reports theft of watch, jewellery, perfumes

A British national who lives permanently in coastal Paphos has reported theft of goods in his apartment worth over €7,000, police said on Wednesday. No...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...