KUALA LUMPUR – The high court here is set to hear, in October 2024, 1Malaysia Development Bhd’s (1MDB) suit against Hollywood film producer Riza Shahriz Abdul Aziz and two of his companies for allegedly misusing the strategic investment company’s funds.
According to FMT, the trial dates are set from October 16 to November 4, with judicial commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan to preside over the case, taking over from judge Datuk Amarjeet Singh.
In this suit, 1MDB and its subsidiaries are suing Riza and his two companies for allegedly receiving around US$248 million (RM1.094 billion) in funds that they misused for their personal gain, including financing a film and purchasing various properties.
They also claimed that since Riza managed both companies, he would know that the money originating from 1MDB had been misappropriated for their gain.
The plaintiffs, therefore, are seeking a declaration that Riza is responsible for the misappropriated funds and to demand repayment.
In his defence, Riza claimed that the funds were obtained from a loan from the Saudi royal family or International Petroleum Investment Company, and not from 1MDB funds, adding that it was hard for an unknown film producer to obtain loans from banks, compelling him to seek funds from individuals or companies. – The Vibes, April 12, 2023
