KUALA LUMPUR – The government’s application to block PetroSaudi International Ltd (PSI) and its director, Tarek Obaid, from using over US$340 million (RM1.41 billion) linked to 1Malaysia Development Bhd (1MDB), which was kept in a client’s account at a United Kingdom’s law firm, will be heard on December 6 and 9 at the Kuala Lumpur High Court.
Judge Datuk Ahmad Shahrir Mohd Salleh fixed the dates after hearing the latest development of the case from deputy public prosecutor Budiman Lutfi Mohamed.
“The next case management will be on November 11 and any further affidavit or affidavit-in-reply must be filed on or before November 10.
“There will be no further affidavits after November 10,” the judge said.
Earlier, Budiman said the law firm, Clyde & Co LLP, in the UK had informed the prosecution in writing that it did not wish to respond to the prosecution’s affidavit served to them.
On October 8 proceedings, Budiman told the court that prosecution had served the cause papers on three foreign entities, namely PSI in Saudi Arabia, and two London-based companies, Clyde & Co and Temple Fiduciary Services Ltd, adding that the prosecution need time to confirm whether or not the entities want to respond and to file an affidavit on the documents served to them.
Following that, judge Shahrir postponed the hearing that was initially fixed on October 8.
Lawyers Alex Tan and Datuk Mohd Yusof Zainal Abiden represent PSI’s South American subsidiary company, PetroSaudi Oil Services (Venezuela) Ltd (PSOS-VZ), and Tarek, respectively.
On July 16 last year, the court granted the government’s application for an interim order to block the parties from moving the monies linked to 1MDB and kept in a client’s account at the UK-based law firm 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 22, 2021
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