1MDB case: court to hear Najib’s bid to dismiss Mareva injunction on Feb 7 next year

KUALA LUMPUR – Datuk Seri Najib Razak’s application to set aside a Mareva injunction preventing the former prime minister from disposing of or reducing the value of any of his assets in Malaysia, obtained by 1Malaysia Development Bhd (1MDB) and one of its subsidiaries, will be heard at the high court here on February 7, 2023.

On February 8 this year, the court granted an ex-parte application by 1MDB and Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd) – who are the first and fifth plaintiffs in the suit against Najib and several other individuals – for the injunction on the former prime minister’s assets amounting to US$681 million (RM3.15 billion).

1MDB’s lawyer Siva Kumar Kanagasabai when contacted said the proceedings would take place physically in front of judge Atan Mustaffa Yusoff Ahmad.

Yesterday, the court rejected an application by Najib – who is currently serving a 12-year jail sentence in Kajang Prison – to attend the hearing proceedings.

A Mareva injunction is an order preventing someone from disposing of property pending the outcome or completion of a legal action. 

The injunction also limits Najib to withdrawing no more than RM100,000 per month for living and legal expenses, and if more is required, he would need to obtain written permission from the lawyers of 1MDB and Global Diversified.

The order also states that Najib must make written disclosure to 1MDB and Global Diversified regarding his assets valued up to US$681 million, whether domestic or overseas, under his own name or otherwise and whether owned solely or jointly with other defendants.

The plaintiffs in the suit are 1MDB, 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified, while Najib, Terrence Geh Choh Heng (former finance director of 1MDB), Jasmine Loo Ai Swan (former 1MDB counsel), Casey Tang Keng Chee (former executive director of 1MDB), Vincent Beng, Radhi Mohamad (former chief financial officer and subsequently chief operating officer) were named as defendants.

Also named as defendants were Kelvin Tan Kay Jim (former investment director) and Nik Faisal Ariff Kamil (former chief executive officer of SRC International Sdn Bhd).

The US$8 billion suit is one of 22 civil suits filed to claim over US$23 billion on behalf of 1MDB and its former subsidiary SRC International, from several individuals allegedly involved in the financial scandal. – Bernama, November 11, 2022