Hearing on PSI subsidiary's bid to amend interim order obtained by govt on Aug 19

The High Court here today set Aug 19 to hear an application by PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ) to amend an interim order obtained by the government which prohibited the company from moving over US$340 million kept in a London law firm, to other entities.

The monies were said to be linked to 1Malaysia Development Berhad (1MDB) and kept in an escrow account of Clyde Co law firm in the United Kingdom.

Judge Mohd Nazlan Mohd Ghazali fixed the date after allowing the application to adjourn today’s proceedings by lawyer Alex Tan, who appeared for PSOS-VZ during the case mention.

“Due to the latest development in London, I require further instruction from my client. I seek a short adjournment from the court to make the necessary application,” he said.

Deputy public prosecutors Budiman Lutfi Mohamed and Muhammad Izzat Fauzan did not object to the application.

After the proceedings, Tan told reporters that the application was to vary the terms of the (interim) order granted by the court on July 16.

“It is to make provisions for us to pay for expenses and legal costs. The order granted on July 16 was to freeze (over US$340 million), we are only asking for variation or else the money could not be moved,” he added.

PSOS-VZ filed the application to amend the interim order on July 24.

Last July 16, Justice Mohd Nazlan allowed the government’s application for an interim order to block PetroSaudi International (PSI) Ltd and its director Tarek Obaid from moving over US$340 million to other entities until the disposal of the main application on Aug 28.

The government had filed the application on July 10, seeking a prohibition order to restrain any dealings of the monies amounting to US$340, 258,246.87 belonging to PSI and its subsidiary, PSOS-VZ held in Clyde Co LLP.

The government is also seeking unspecified money that was deposited under an intermediate account name, Temple Fiduciary Services Limited, at Barclays Bank in the UK.

Both the specified and unspecified monies belonged to PSOS-VZ, which was wholly owned by Tarek through PSI.

The application, filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA), named Tarek, PSI, PSOS-VZ, Clyde Co and Temple Fiduciary as the first to the fifth respondents.

-- BERNAMA