The luxurious mansion of the naturalized Malaysian Joe Law, who had been naturalized as a Cypriot under strange conditions, is going under the hammer.
The Unit for Combating Cover-up Offences (MOKAS) obtained a confiscation order for the property in question.
The relevant request of the Legal Service and MOKAS was brought before the District Court of Nicosia. This judicial body approved the relevant request, while the decree was drafted yesterday. It is noteworthy that it is the first time that such a decree has been issued for the liquidation of a person's property, without it having a criminal conviction.
The property in question concerns Joe Law's residence in Ayia Napa, specifically a luxurious seaside mansion in Cape Greco, which was bought for about €5 million.
For the time being, it is not clear whether the money generated from the liquidation of the property will be allocated to Malaysia. We remind you that the Asian country has initiated international proceedings, since it considers Law responsible for large-scale embezzlement by the state.
In May 2023, the Council of Ministers decided to strip Joe Law of his citizenship due to the fact that he was wanted for the well-known 1MDB (1Malaysia Development Berhad) scandal.
It is considered one of the largest financial crimes in world history, centered on the embezzlement of at least $4.5 billion from Malaysia's sovereign wealth fund between 2009 and 2015. Businessman Joe Law was reportedly the mastermind who organized the fraud and money laundering network.
