THE Malaysian Anti-Corruption Commission (MACC) has successfully obtained a High Court restraining order to prevent the sale or transfer of 2.5 million shares in Palantir Technologies Inc., held under the name of Tarek Obaid, in connection with the misappropriation of 1Malaysia Development Berhad (1MDB) funds.
The restraining order was granted by Judge Datuk Azhar Abdul Hamid at the Kuala Lumpur High Court under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), following an application filed by the MACC on 26 September.
In a statement today, MACC said investigations revealed that in 2010, Tarek Essam Ahmad Obaid — founder of PetroSaudi International — received, transferred and used funds allegedly misappropriated from 1MDB.
These proceeds were subsequently used to purchase the Palantir shares, originally acquired for USD2 million.
The value of the shares, currently estimated at approximately USD448 million — or over RM2 billion — has now been successfully frozen by Malaysian authorities through the court order.
“This is a significant step in MACC’s ongoing efforts to recover assets linked to the 1MDB scandal,” the Commission said in a statement issued today.
Tarek Obaid has long been under scrutiny for his alleged role in the 1MDB financial scandal, which has drawn global attention and prompted multiple investigations across jurisdictions. - October 3, 2025
