PETALING JAYA: A day after he was sentenced to jail for contempt of court, fugitive businessmn Low Taek Jho was ordered to pay over RM1 billion in tax arrears to the Inland Revenue Board (IRB).
The Penang High Court has allowed IRB’s application for a summary judgment to recover the tax arrears from Jho Low, NST reports.
In his ruling, Judicial commissioner Kenneth Yoong Ken Chinson St James said that “there is neither a triable issue nor some other issue” which requires the case to go to a full trial.
A summary judgment application is a proceeding during which a court decides based on affidavits filed whether there are issues that warrant conducting a full trial.
“I allow LHDN’s application to enter judgment for RM1,053,972,936.58 with interest at 5% per annum from the date of this judgment (October 17) to the date of full realisation,“ St James reportedly said in his ruling.
LHDN said Low failed to submit his tax returns for 2013 and 2014. The board says he is liable for over RM1.05 billion in taxes for income earned in those years.
