Najib's application to set aside Mareva injunction in 1MDB suit to be heard Feb 7, 2023

KUALA LUMPUR: Datuk Seri Najib Tun Razak's application to set aside the Mareva injunction obtained by 1Malaysia Development Berhad (1MDB) and one of its subsidiaries, to prevent the former prime minister from disposing of or reducing the value of any of his assets in Malaysia amounting to US$681 million, will be heard at the High Court here on Feb 7, 2023.

On Feb 8, the court granted an ex-parte application for a Mareva injunction by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), who are the first and fifth plaintiffs in the suit against Najib and several other individuals.

1MDB's lawyer Siva Kumar Kanagasabai when contacted said that the proceedings would take place physically in front of Judge Atan Mustaffa Yusoff Ahmad.

Yesterday, the court rejected an application by Najib - who is currently serving a 12-year prison sentence in Kajang Prison - to attend the hearing proceedings.

A Mareva injunction is an order preventing someone from disposing of property pending the outcome or completion of a legal action.

The injunction also limits Najib from withdrawing no more than RM100,000 per month for living and legal expenses, and if more is required, he would need to get written permission from the lawyers of 1MDB and Global Diversified.

The order also states that Najib must make written disclosure to 1MDB and Global Diversified regarding his assets valued up to US$681 million, whether domestic or overseas, under his own name or otherwise and whether owned solely or jointly with other defendants.

The plaintiffs in the suit are 1MDB, 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified, while Najib, Terrence Geh Choh Heng (former finance director of 1MDB), Jasmine Loo Ai Swan (former 1MDB counsel), Casey Tang Keng Chee (former executive director of 1MDB), Vincent Beng, Radhi Mohamad (former chief financial officer and subsequently chief operating officer) were named as defendants.

Also named as defendants were Kelvin Tan Kay Jim (former investment director) and Nik Faisal Ariff Kamil (former chief executive officer of SRC International Sdn Bhd).

The US$8 billion suit is one of 22 civil suits filed to claim over US$23 billion on behalf of 1MDB and its former subsidiary SRC International, from several individuals allegedly involved in the financial scandal.

-- BERNAMA