New York's Park Lane Hotel Can Be Sold After Jho Low Drops Claim
- Property is among the assets allegedly bought with 1MDB funds
- Low acquired hotel in 2013 in joint venture with Witkoff Group
The Park Lane Hotel.
Photographer: Michael Stewart/Getty Images
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The Park Lane Hotel in New York City can be sold to Abu Dhabi’s state-owned Mubadala Investment Co. after fugitive Malaysian financier Low Taek Jho agreed to drop his claims to the property in a U.S. forfeiture lawsuit.
The U.S. Justice Department has been trying to seize Low’s stake because he allegedly bought it with money stolen from Malaysia’s state-owned 1MDB investment fund. The intermediary companies that hold Low’s interest in the property said in a filing Friday in federal court in Los Angeles that they will withdraw their claims.