Mareva injunction imposed against Jho Low and father involving USD 1.4 bln in assets

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) and one of its subsidiaries have obtained a Mareva injunction from the High Court here to prevent wanted businessman Low Taek Jho or "Jho Low" from transferring or dissipating of any of his assets in Malaysia amounting to USD 1.03 billion.

Based on documents obtained by the media through the e-Judiciary system, Jho Low's father, Tan Sri Larry Low Hock Peng was also served with a similar injunction involving USD 401.5 million.

The decision was made by Judge Hayatul Akmal Abdul Aziz in an online proceeding yesterday after allowing the ex-parte application by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited) which were the first and fifth plaintiffs in 1MDB's suit against Jho Low, his father as well as several other individuals.

A Mareva injunction is a temporary order which restrains the defendant from disposing assets until the determination of the case between the plaintiff and the defendant.

The injunction also limits Jho Low and his father from spending no more than RM20,000 a month each for living and legal expenses.

If they need more than the amount, they need to get prior written permission from 1MDB and Global Diversified's lawyers.

The order also states that Jho Low and his father must make written disclosures to 1MDB and Global Diversified regarding their assets, valued at USD 1.03 billion and USD 401.5 million, respectively, whether locally or abroad, under their own name or otherwise, and whether under sole or joint possession.

They must provide the value, location and all information related to the assets, and it must be verified through an affidavit sent to the first and fifth plaintiff's counsel within fourteen days after the order is served on the counsel representing the two defendants.

The order also states that any individual in these proceedings or otherwise, who is informed of the order in question, should not aid or permit a breach of the order where they may be subject to action over contempt of court.

The order is in effect until the court hears an inter-parte injunction application on March 29.

A lawyer from Messrs. Skrine who represented 1MDB when contacted, confirmed the court's decision.

On May 7, 2021, 1MDB and its four subsidiaries, namely Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited filed a USD 3.7837 billion suit against Jho Low; his father; his mother Puan Sri Goh Gaik Ewe; sister May Lin; younger brother Taek Szen and associate Eric Tan Kim Loong.

Based on the writ, 1MDB claimed USD 661 million from Jho Low and USD 41 million, USD 397 million, USD 608 million and USD 1.9 billion from Jho Low and Tan; and USD 325 million from Jho Low and his father respectively.

1MDB Global Investments Limited claimed USD 630 million from Hock Peng, Jho Low and Tan and USD 2 million from Taek Szen, Jho Low and Tan.

The plaintiff also claimed USD 3.5 million from May Lin and Jho Low and USD 1.695 million from Goh, Jho Low and Tan in connection with the purchase of jewellery and secret profits, in addition to USD 25.5 million from Jho Low, Tan, Hock Peng and Taek Szen.

-- BERNAMA