Cabinet on Wednesday decided to revoke the Cypriot citizenship of Malaysian-born Jho Low, an internationally wanted fugitive. Though the decision was taken last year, Low filed an appeal prompting an independent committee to re-examine the case.
Government sources told the Cyprus Mail the committee decided to reject the appeal, prompting the interior minister to put the matter before Wednesday’s cabinet session. It issued an order to strip Low of his Cypriot citizenship and passport.
Cabinet took its initial decision just over a year ago – on May 15, 2023. But proceedings were stalled after Low filed his appeal which was put before the committee. It took its decision on May 17 to reject the appeal.
Low is accused of looting $4.5 billion from Malaysia’s sovereign wealth fund and was granted Cypriot citizenship back in 2015. Although under investigation at the time, he was not officially a wanted man until October 2016 when Interpol issued a red notice on him. After the Malaysian elections in 2018, the new government there reopened an investigation and issued arrest warrants against him.
Despite being flagged as high-risk, local mediators filed an application on his behalf, and in June of that year, Low transferred close to €6m into an account in Bank of Cyprus. Low bought a seaside mansion in Ayia Napa for €5m and got citizenship. He also donated around €310,000 to the late ex-Archbishop Chrysostomos who put in a good word with the interior ministry.
The story broke in 2019, after the island’s now-defunct citizenship-by-investment programme – also referred to as the ‘golden passports’ scheme – came under intense scrutiny. The Malaysian businessman had remained a Cypriot citizen despite the government having launched proceedings to revoke that status in 2021.
Understanding Lease Agreements
In business, understanding lease agreements is crucial. But
The lease meaning extends beyond just renting property; it includes terms and conditions that both parties must adhere to throughout the lease term. This ensures that both the lessor and lessee understand their obligations and rights, providing a structured framework for asset usage.
- Lease Definition: A legal contract granting use of an asset for a specified time.
- What is a Lease: A binding agreement between lessor and lessee.
- Lease Meaning: The terms and conditions governing the use of an asset.
Understanding these elements can help businesses make informed decisions when entering into lease agreements, ensuring they maximize value while mitigating risks.
