Property News · November 19, 2018

New York’s Park Lane Hotel can be sold to Abu Dhabi state fund after 1MDB fugitive Jho Low drops claim


The Park Lane Hotel in New York City can be sold to Abu Dhabi’s state-owned Mubadala Investment after fugitive Malaysian financier Low Taek Jho agreed to drop his claims to the property in a US forfeiture lawsuit.
The US Justice Department has been trying to seize Low’s stake because he allegedly bought it with money stolen from Malaysia’s state-owned 1MDB investment fund. The intermediary companies that hold Low’s interest in the property said in a filing on Friday in…

Source : South China Morning Post
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