KUALA LUMPUR – The hearing of a government application to block PetroSaudi International Ltd (PSI) and its director, Tarek Obaid, from using over US$340 million (RM1.42 billion) linked to 1Malaysia Development Bhd (1MDB) – which was kept in a client’s account at a United Kingdom law firm – has been postponed.
Justice Datuk Ahmad Shahrir Mohd Salleh postponed the hearing, which was set for today, to give time for UK law firm Clyde & Co LLP to confirm whether or not it wants to respond and to file an affidavit on the documents it has been served.
This came after deputy public prosecutor Budiman Lutfi Mohamed told Shahrir that the prosecution had served the documents on the three foreign entities named in the application, namely, PSI and two London-based companies, Clyde & Co and Temple Fiduciary Services Ltd.
“We are in contact with National Crime Agency (NCA) representative Danial Murphy and he confirmed that the UK government had served the documents to Clyde & Co on October 1.
“He also conveyed the court’s message to Clyde & Co on whether the firm wants to respond, but until now, we have not received anything from it,” said Budiman.
He also told the court that the legal firm had acknowledged the documents had been served to them and they were received by its representative, Sarah Wheatly.
“After speaking to parties and in the interest of justice, perhaps Clyde & Co should be allowed some time to respond to the application and the prosecution will be in communication with the NCA for an update from the legal firm,” he said.
Lawyers Alex Tan and Datuk Mohd Yusof Zainal Abiden, representing PSI’s South American subsidiary PetroSaudi Oil Services (Venezuela) Ltd (PSOS-VZ), and Tarek, respectively, did not object to the prosecution’s application.
Shahrir then fixed October 22 for case management for the prosecution to update the court on Clyde & Co’s response.
On July 16 last year, the court granted the government’s application for an interim order to block the parties from moving the monies to other entities.
The interim order is to maintain the status quo of the parties until the disposal of the government’s prohibition application seeking an order to restrain any dealings on the monies belonging to PSI and PSOS-VZ which are currently in an escrow account held by Clyde & Co.
Besides the US$340 million, the government, in its application, is also seeking unspecified money that was deposited under an intermediate account name, Temple Fiduciary, at Barclays Bank in the UK.
The application, filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, named Tarek, PSI, PSOS-VZ, Clyde & Co and Temple Fiduciary as the first to fifth respondents. – Bernama, October 8, 2021
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