Govt files forfeiture suit against 1MDB's ex-JV partner PetroSaudi
The government today filed a forfeiture suit against Petrosaudi International Limited and its director Tarek Obaid (above) from using the US$340 million fund linked to 1MDB.
Deputy public prosecutor Budiman Lutfi Mohamed told the Kuala Lumpur High Court during case management for the suit today that the fund is in an account in the UK.
The government today filed a forfeiture suit against Petrosaudi International Limited and its director Tarek Obaid (above) from using the US$340 million fund linked to 1MDB.
Deputy public prosecutor Budiman Lutfi Mohamed told the Kuala Lumpur High Court during case management for the suit today that the fund is in an account in the UK.
The application by the Malaysian government, if allowed, would enable the fund to be frozen.
In its application filed on July 10, the government said that it was of the view that the amount totalling US$340,258,246,87 at Clyde & Co LLP owned by Petrosaudi and its subsidiary PetroSaudi Oil Services (Venezuela) Limited was derived from money-laundering.
The application was filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The government also filed under the same application a prohibition on dealings with money held under the intermediate account name of Temple Fiduciary Services Limited.
An affidavit by MACC investigating officer Mohd Afiq Abdul Aziz supported the application.
Based on the affidavit, Mohd Afiq said that the amount was linked to a conspiracy involving former premier Najib Abdul Razak, Tarek and Low Taek Jho also known as Jho Low (below).
"In brief, I verily state that I have reasonable grounds to believe that monies amounting to US$340,258,246,87 (as of Febraury 2019) or any amount thereof, currently held in the escrow account of Clyde & Co LLP London for or on behalf of the third respondent, forms part of the subject matter or evidence pertaining to or in connection with the conspiracy to defraud and/or fraud which involves Najib Abdul Razak and/or Tarek Obaid and/or Low Taek Jho with other related individuals against 1MDB and its subsidiaries."
The High Cout fixed July 16 for the hearing of the application by the prosecution team in regards to the prohibition order.
PetroSaudi was formerly a joint-venture partner with 1MDB.
The joint-venture deal was alleged to have been a front to siphon 1MDB funds, according to the US Department of Justice.
Report this comment
Are you sure you want to delete this comment?
This action cannot be undone.