The Formative Years of Jho Low: Education, Ambition, and the Seeds of a Scandal

Jho Low, a name synonymous with financial scandal and extravagant living, is a Malaysian businessman and fugitive wanted by Interpol since 2016 for his central role in the 1Malaysia Development Berhad (1MDB) scandal. His journey from a privileged upbringing to becoming the alleged mastermind behind a multi-billion dollar fraud is a tale of ambition, networking, and a relentless pursuit of wealth and influence. Understanding Jho Low's educational background and early career is crucial to grasping the scope and nature of the 1MDB scandal.

Early Life and Family Background

Born Low Taek Jho on November 4, 1981, in George Town, Penang, Malaysia, Jho Low came from a Malaysian Chinese family with moderate wealth. His family has Teochew descent and traditionally maintained a low profile. His father, Larry Low Hock Peng, was a prominent businessman with investments in manufacturing and real estate. Jho Low was the youngest of three children. Raised in privilege, Jho Low was exposed early on to high society through elite schools.

His grandfather Low Meng Tak was a businessman who was born in Guangdong China. The elder Low’s business interests included iron-ore mining, liquor distilleries as well as real estate in China and Thailand from the 1960s to the 1970s.

His father’s business acumen inspired him to pursue finance and investments.

Education at Elite Institutions

Low's educational path reflects his family's aspirations for him and his own drive to succeed. He attended SJKC Union in Burma Road before studying in Chung Ling High School, and later the International School of Penang (Uplands). During his teens, Low was sent to the elite Harrow School in London. It was in these hallowed halls that he first met, and then developed a close friendship with Riza Aziz, the stepson of ousted prime minister Datuk Seri Najib Razak. Upon graduation, he enrolled in the University of Pennsylvania’s Wharton Business School in the United States.

Harrow School: Forging Connections with the Elite

Low's time at Harrow School in London was pivotal in shaping his future trajectory. It was here that he met Riza Aziz, the stepson of Najib Razak, who would later become the Prime Minister of Malaysia. This connection proved to be instrumental in Low's subsequent rise to prominence.

Wharton School of Business: Honing Financial Acumen

Low attended the prestigious Wharton School of Business at the University of Pennsylvania. Here, Low had the foresight to continue forging friendships and developing connections with the Malaysian elite, as well as Middle Eastern interests. He leveraged his time at Wharton to cultivate relationships with influential figures from Malaysia and the Middle East, laying the groundwork for his future ventures. He dropped out of Wharton.

Wharton's list of famous and successful alumni includes Elon Musk, Warren Buffet, and Donald Trump, to name a few. At such a prestigious institution, it would have been difficult for Low to make a name for himself, even with more money.

Early Career and Business Ventures

After graduating from Wharton in 2005, Jho Low founded Jynwel Capital, an investment firm that quickly became involved in high-profile transactions. Early in his career, he leveraged his connections to facilitate deals between Middle Eastern sovereign wealth funds and Malaysian entities.

In 2010, a local English daily reported that when Low was just 20 years old, he had already made his first (US$) million-dollar deal. He reportedly took a semester off from Wharton to set up an investment fund that was worth in excess of RM3.19 billion in 2010. Known as The Wynton Group, the fund began with a capital of US$25 million (RM79.7 million) injected by his family and nine investors who were his schoolmates and their family. Under Wynton, Low made the first big transaction of his career in 2006. He helped Kuwait Finance House purchase luxury apartment building The Oval in Kuala Lumpur for US$87 million. In an interview with the Wall Street Journal (WSJ), Low claimed the Kuwaiti bank made a handsome profit of US$20 million when it sold the building, less than two years later.

Later, in his career, the baby-faced Jho Low established the Jynwel Capital (Jynwel) investment firm. Using this firm as his vehicle, Low closed multiple high-profile deals, including the acquisition of New York’s Park Lane Hotel for US$660 million in 2013 with The Witkoff Group and Mubadala. Other deals that he was involved in included the takeover of Coastal Energy in 2014 for US$2.2 billion and the buyout of EMI’s music publishing business in 2012 for US$2.2 billion with the Blackstone Group, Sony Corporation and Mubadala. Jynwel is the company that the Financial Times reported as having ties with the debt-ridden 1MDB.

Building Influence in the Middle East and Malaysia

Once his reputation was established, Low began looking for ways to leverage his new connections. Low began visiting the Middle East with his Wharton friends, hoping to be introduced to potential future business partners.

Low soon began to forge relationships with powerful political and financial figures overseas. Notably, Low met with Yousef al Otaiba, a political adviser who would later become an ambassador, and Khaldoon Khalifa al Mubarak, who ran Mubadala Development, a sovereign wealth fund in the United Arab Emirates (UAE). Shadowing al Mubarak, Low was able to observe the freedom with which sovereign wealth funds operate. Backed by the UAE’s government, al Mubarak and the other men at the head of Mubadala had billions at their disposal, with little oversight or regulation.

At home in Malaysia, Low used his father’s connections to get in touch with the family of Deputy Prime Minister Najib Razak. Najib, who would become prime minister in 2009, aspired to a more expensive lifestyle, much like Low. Low tried to turn his connection with Najib’s family into a real estate deal. However, Low immediately ran into problems, promising profits to his new friends, while lacking the capital to fund the project. While the deal ultimately fell through, Low’s newfound friendship with Najib was an important one.

Jho Low was originally a special advisor to 1MDB’s first incarnation - Terengganu Investment Authority (TIA). At first, TIA was a sovereign wealth fund worth RM11 billion and was supposed to ensure Terengganu’s long-term sustainable economic development. Its funds came from an outstanding royalty income worth RM6 billion as well as funds from bonds issued by local and overseas financial markets. The Malaysian government had also proposed a guarantee of RM5 billion based on the state’s future oil revenues. On May 27, 2009, Low advised the fund to sign a deal arranged by AmInvestment Bank Bhd to raise RM5 billion via the issuance of Islamic medium-term notes (IMTNs). However, the Terengganu state government had disagreed to the deal. Despite the government’s disapproval, the deal proceeded and two days later on May 29, TIA raked in RM4.385 billion in net proceeds from IMTN from the full value of RM5 billion. Later that year, on July 31, Minister of Finance (Incorporated) took over TIA and amended its name to 1Malaysia Development Bhd (1MDB).

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The 1MDB Scandal: A Web of Corruption

Low’s most infamous milestone came with his involvement in the creation of the 1Malaysia Development Berhad (1MDB) fund in 2009. Initially established as a sovereign wealth fund to promote economic development in Malaysia, 1MDB became embroiled in allegations of massive fraud.

Low became a friend to ex-PM Najib’s family through the latter’s stepson, Riza Aziz, whom he met while studying in London. Although he never had an official position in 1MDB, Low has admitted that he occasionally “consulted” with 1MDB and was involved in a number of transactions when his own interests crossed paths with that of the sovereign wealth fund.

Its investigations found indications of funds estimated at US$4 billion may have been misappropriated and said there are four cases of potential criminal conduct. That same year also saw Hong Kong police opening investigations regarding US$250 million in Credit Suisse branch deposits in Hong Kong linked to Najib and 1MDB. In the United Kingdom, the Serious Fraud Office started investigations in 2016 into the transfer of money from 1MDB funds in Malaysia to Switzerland as it involved Royal Bank of Scotland’s branch in Zurich. Other global authorities that opened their own investigations into the 1MDB issue include Luxembourg, the UAE and Seychelles.

Allegations and Charges

Low allegedly led the group of Malaysians who diverted the money invested in the fund into their personal accounts. Prosecutors say he funneled $27.3 million from 1MDB to a jeweler in New York for a pink diamond necklace for Razak’s wife, who was first lady at the time.

Malaysian businessman Low fled the country and is now considered a fugitive. Home Minister Tan Sri Muhyiddin Yassin today accused Low of being one of the ‘main criminals’ in the 1MDB case.

Extravagant Lifestyle and Celebrity Connections

Low's extravagant lifestyle became legendary, marked by lavish parties, luxury real estate, and close ties to Hollywood celebrities. He spent $85 million on parties between October 2009 and June 2010.

Still in love with Paris Hilton, Low contacted her manager in 2009 to see if he could pay her to attend his parties. According to the book, she told friends she got paid $100,000 per event. A year later, he rented Paul Allen’s superyacht and spent millions on champagne. Celebrities in attendance included DiCaprio, Bradley Cooper, and Jamie Foxx. Kanye West and Pharell performed for guests. Jordan Belfort, the subject of “The Wolf of Wall Street” and no stranger to fraud, also attended the party. The actor was flown on an exclusive private jet to attend Low’s birthday party and was paid $150,000 to attend the party, a dinner, and private gambling activities.

In July 2012, Low held a yacht party on the French Riviera and ordered for models to be flown in. Low allegedly threw these parties with help from Goldman Sachs bankers Roger Ng and Tim Leissner. Leissner has pleaded guilty and is currently cooperating with the feds. According to prosecutors, Ng pocketed $35 million from these kickbacks.

Real Estate and Jewelry

Aside from partying, Low also invested in real estate and bought luxury homes in New York, Los Angeles, and London. Between 2013 and 2014, he also purchased around $200 million in jewelry. Miranda Kerr, whom he dated in 2014, received $8 million in gifts.

Current Status and Ongoing Investigations

As of 2024, Jho Low remains a fugitive. He is believed to be hiding in China or other Southeast Asian nations under protection from extradition. The Malaysian government claims Low is now living in Macau, although China denies this.

Efforts to Recover Assets

Attorney, said that the government would seek to recover more than $1 billion of assets bought using proceeds from 1MDB. Low’s jet, mansions, and EMI stake were seized. Some of Low’s friends surrendered their gifts to the government.

The U. S. Department of Justice announced charges related to violation of United States federal law. Low Taek Jho, 39, also known as Jho Low, and Prakazrel "Pras" Michel, 48, are alleged to have conspired with Elliott Broidy related to their Low is believed to be residing in China where he secretly travels extensively through major cities.

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