No response by UK law firm on US340mil ‘1MDB money’, court told

No response by UK law firm on US340mil ‘1MDB money’, court told

The government wants to prohibit Clyde & Co LLP from using the sum kept in its clients' account.

The government says the US$340 million kept by UK law firm Clyde & Co LLP is related to a conspiracy to defraud 1MDB. (AP pic)
KUALA LUMPUR:
The High Court was told today that a UK law firm has yet to respond to the government’s application to prohibit the use of US$340 million alleged to be 1MDB funds kept in its clients’ account.

Deputy public prosecutor Budiman Lutfi Mohamed told judge Ahmad Shahrir Mohd Salleh that the Attorney-General’s Chambers (AGC) had served the relevant documents to Petrosaudi International Limited in Saudi Arabia, as well as Clyde & Co LLP and Temple Fiduciary Services Limited, both in London.

Previously, Shahrir had asked the AGC to serve the documents to the three foreign entities named in the application.

Only PetroSaudi International’s South American subsidiary company, PetroSaudi Oil Services (Venezuela) Ltd, and company director Tarek Obaid had been represented by lawyers Mohd Yusof Zainal Abiden and Alex Tan, respectively.

“The NCA (National Crime Agency) representative, Danial Murphy, wrote to us and confirmed that the UK government had served (the documents on) Clyde & Co last week.

“He (Murphy) also conveyed the court’s message to Clyde & Co on whether the firm wanted to respond.

“But until now, we have not received anything from them,” Budiman said.

The DPP said that in the interest of justice, the AGC would wait for another two weeks for Clyde & Co LLP to reply.

The court set Oct 22 for case mention.

The government contends that US$340,258,246.87 in Clyde & Co LLP belonging to PetroSaudi and its subsidiary company, PetroSaudi Oil Services (Venezuela) Limited, was proceeds from unlawful activities.

MACC investigating officer Mohd Afiq Abd Aziz had, in his affidavit filed with the application for the prohibition order, said the money was related to a conspiracy involving Tarek, fugitive businessman Low Taek Jho and former prime minister Najib Razak to defraud 1MDB.

Last year, another High Court judge, Mohd Nazlan Mohd Ghazali, granted a temporary order restraining PetroSaudi International and Tarek from using the US$340 million kept in the law firm.

The US Department of Justice had also initiated forfeiture proceedings against Clyde & Co LLP last September to recover the US$340 million.

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