1MDB execs approved fund transfer to Jho Low associate

Singapore

KEY executives of scandal-hit 1Malaysia Development Bhd and a linked entity - SRC International (Malaysia) Limited - had authorised a transfer of US$11.95 million to a firm beneficially owned by Tan Kim Loong or better known as Eric Tan, a close business associate of Malaysian tycoon Low Taek Jho, according to documents submitted in Singapore's state court on Thursday.

The transfer of funds to Affinity Equity International Partners Ltd (a firm beneficially owned by Mr Tan) was done through Pacific Harbour Global Growth Fund AA4 - a fund that SRC International Malaysia had subscribed to - which was overseen by 1MDB's executive director of finance Terence Geh and authorised by Nik Faisal Ariff Kamil, managing director of SRC International Sdn Bhd (SRC International) and 1MDB's former chief investment officer, documents submitted by Singapore prosecutors revealed.