KUALA LUMPUR – Former 1Malaysia Development Bhd (1MDB) subsidiary SRC International Sdn Bhd has filed 16 civil suits last Friday, with two accusing former prime minister Datuk Seri Najib Razak over breach of fiduciary duties and for receiving RM42 million.
Meanwhile, 1MDB filed a total of five suits, suing foreign banks, Najib, former Treasury secretary-general Tan Sri Mohd Irwan Serigar, former 1MDB CEOs Datuk Shahrol Ibrahim Halmi and Arul Kanda Kandasamy.
The Edge today reported that the SRC International suits were filed in the high court and sessions court here and in Shah Alam while 1MDB filed them at the Kuala Lumpur High Court last Friday.
This comes after Najib was found guilty in July last year of all seven charges of abuse of power, criminal breach of trust and money laundering linked to the RM42 million belonging to SRC International.
SRC International suits
Aside from Najib, others named in the first suit are former company directors Datuk Suboh Md Yassin, Datuk Azhar Osman Khairuddin, Datuk Shahrol Azral Ibrahim Halmi, Tan Sri Ismee Ismail, Datuk Che Abdullah @ Rashidi Che Omar and former managing director Nik Faisal Ariff Kamil. The authorities are still on the hunt for Nik Faisal.
SRC claims the former board of directors did not take any reasonable steps on the proper use of the RM4 billion Retirement Fund (Incorporated) (KWAP) loans.
Nik Faisal is named in the second suit worth RM167 million for fraudulent breach of fiduciary duty, as well as Suboh, Azhar, Che Abdullah, Ihsan Perdana Sdn Bhd (IPSB) and its directors, Datuk Shamsul Anwar Sulaiman and Datuk Abdul Aziz Ismail.
Besides SRC, others named are its subsidiaries Gandingan Mentari Sdn Bhd (GMSB) and Jendela Pinggiran Sdn Bhd (JPSB).
Meanwhile, the 14 other suits concern knowingly receiving monies from SRC. Names mentioned include Najib, Perkasa president Datuk Ibrahim Ali, Umno, Selangor Umno, Mail Global Resources through one Ariffin Ismail Shahul Hameed and Netnion Technology Sdn Bhd.
Others named are Mohamed Redzuan Adamshah, Tazri Talib, Tan Sri Lim Soon Peng, Vital Spire Sdn Bhd, Solat Media, Binsabi Sdn Bhd, Putrade Property Management Sdn Bhd and Centre for Strategic Engagement Sdn Bhd.
They are alleged to have received monies from SRC to the sum of between RM330,000 and RM53 million, resulting in a loss suffered amounting to RM128 million.
1MDB suits
The Edge reported that 1MDB, subsidiaries 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd) have named Najib, 1MDB former chairman Tan Sri Che Lodin Wok Kamaruddin, former directors Tan Sri Ismee Ismail, Tan Sri Ong Gim Huat and Ashvin Valiram, Shahrol, former CEO Mohd Hazem Abdul Rahman and former chief financial officers Azmi Tahir and Radhi Mohamad.
Also named are former 1MDB officers Terence Geh Choh Heng, Jasmine Loo Ai Swan, Casey Tang Keng Chee, Vincent Beng Huat Koh, Kelvin Tan Kay Jin and Nik Faisal Ariff Kamil over their alleged involvement in fraudulent misrepresentation, fraudulent breach of duties, fraudulent breach of trust, breach of statutory and contractual duties, conspiracy, negligence, knowing receipt, dishonest assistance, fraudulent misappropriation and unjust enrichment.
The plaintiffs are seeking US$7.795 billion (RM32 billion).
1MDB, in a separate suit, named Arul Kanda and Irwan Serigar as defendants over alleged breach of fiduciary duty, fraud, conspiracy, breach of trust and dishonest assistance. In total, the company is seeking US$6.59 billion from the duo and an additional RM2.9 million against Irwan Serigar.
One of the suits 1MDB filed is against Deutsche Bank (Malaysia) Ltd, Coutts & Co Ltd, JP Morgan (Switzerland) Ltd and two PetroSaudi companies for alleged negligence, breach of contract, conspiracy to defraud the company and dishonest assistance to defraud US$4.923 billion.
In another suit, 1MDB is seeking US$1.402 billion from fugitive businessman Low Taek Jho, his father Tan Sri Larry Low Hock Peng, sister Low May Lin and accomplice Eric Tan Kim Loong.
1MDB is also claiming US$1 billion and payment of legal fees of RM664,821.21 from its then legal firm Wong & Partners and partner Brian Chia Hock Gee for allegedly playing a role in the fraud. – The Vibes, May 10, 2021
