1MDB lawsuit: Court rejects Najib’s bid to unfreeze assets worth US$681m

THE Kuala Lumpur High Court has dismissed former prime minister Datuk Seri Najib Razak’s bid to lift a Mareva injunction on assets worth US$681 mil linked to 1Malaysia Development Berhad (1MDB) and one of its subsidiaries.

Justice Atan Mustaffa Yussof Ahmad ruled that the injunction should be retained until the end of 1MDB’s suit.

A Mareva injunction is an order stopping a party from disposing of any property while waiting for the resolution of legal action.

The injunction also limited Najib to withdrawals of not more than RM100,000 a month for his living expenses and legal fees, and he would have to obtain written permission from 1MDB and Global Diversified counsels if he needed funds in excess of the total.

The injunction further stated that Najib would need to file a written disclosure to 1MDB and Global Diversified regarding his assets of up to RM681 mil, whether in Malaysia or abroad, in his own name or not and solely or jointly owned by other defendants.

The former Pekan MP’s conviction in the RM42 mil SRC International Sdn Bhd graft case was among the reasons that prompted 1MDB and its subsidiaries to apply for the freezing order.

He is currently serving a 12-year jail sentence after the Federal Court on August 23, 2022 affirmed his guilty verdict with regard to SRC International Sdn Bhd. He had also been sentenced to a RM210 mil fine.

On February 8 last year, the court allowed the ex-parte application for a Mareva injunction by 1MDB and Global Diversified Investment Company Limited, which was formerly known as 1MDB Global Investments Limited.

Both are the first and second plaintiffs in the 1MDB lawsuit against Najib and several other individuals. – Sept 27, 2023


Main pic credit: Bernama

Subscribe and get top news delivered to your Inbox everyday for FREE