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/
