The United States authorities are preparing to file criminal charges against Penang-born billionaire Low Taek Jho, better known as Jho Low, for involvement in what they believe to be "one of the largest financial frauds in history".
The Wall Street Journal quoted sources familiar with the probe as saying that the US prosecution's plans involved filing criminal charges of wire fraud and money laundering against Low and potentially some of his associates.
The sources did not describe the potential timing for when the criminal charges would be filed.
The plan could also be changed or dropped as its investigations continue, the report added.
The sources said Low has been a focus of the criminal investigations and he was also portrayed in the United States Department of Justice's (DOJ) civil asset-seizure lawsuits last July as central to an alleged plot to siphon billions of dollars from 1MDB.
On the civil suits which are proceeding separately from the criminal probe, WSJ quoted sources familiar with the matter as saying that the DOJ is currently seeking to add recently discovered Low’s family properties to the list of assets it is trying to seize, including a US$165 million, 300-foot, helipad-equipped yacht named Equanimity.
Among others, the assets include a luxury apartment in Paris and a London penthouse with views of Buckingham Palace...