Oct 15 hearing for Najib’s appeal to lift Mareva injunction in 1MDB suit

Oct 15 hearing for Najib’s appeal to lift Mareva injunction in 1MDB suit

The sovereign fund had obtained the injunction against Najib Razak or his agents in 2022, freezing his assets in relation to its claim of US$681 million.

1MDB and its four subsidiary companies are suing Najib Razak and eight others for fraudulent misrepresentations, breach of duty and unjust enrichment. (Bernama pic)
PETALING JAYA:
The Court of Appeal has set Oct 15 for the hearing of former prime minister Najib Razak’s appeal to lift a Mareva injunction restraining him from dissipating his assets to a value below US$681 million.

Siva Kumar Kanagasabai, the lawyer representing 1MDB and its four subsidiaries – 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd – confirmed the date with Bernama.

The government, through 1MDB and its subsidiary companies, filed a lawsuit against Najib and 14 others in May 2021.

They claimed that Najib and the others committed fraudulent misrepresentations, breach of duties, breach of statutory duties and unjust enrichment.

Initially, 15 individuals, including Najib, were named as defendants. However, the proceedings were discontinued against seven of them – former 1MDB CEOs Mohd Hazem Abdul Rahman and Shahrol Azral Ibrahim Halmi, former directors Che Lodin Wok Kamaruddin, Ismee Ismail, Ong Gim Huat and Ashvin Jethanand Valiram, and former chief financial officer Azmi Tahir.

Apart from Najib, the remaining defendants against whom the proceedings are ongoing are Loo Ai Swan, also known as Jasmine Loo, Tang Keng Chee, Geh Choh Heng, Vincent Koh, Nik Faisal Ariff Kamil, Kelvin Tan and Radhi Mohamad.

1MDB had obtained the injunction against Najib or his agents in 2022, freezing his assets in relation to its claim of US$681 million against the former prime minister and finance minister, before the determination of the civil suit.

The court order, however, allowed Najib to withdraw RM100,000 every month for daily expenses and legal fees.

On Sept 27 last year, the High Court upheld the injunction following an inter partes hearing. Najib appealed this decision to the Court of Appeal.

Najib, 71, who is currently serving a prison sentence, was unsuccessful in his attempt to attend the appeal hearing. His application to be present at the proceedings were rejected by both the High Court and Court of Appeal. The Federal Court also dismissed his application for leave to appeal on May 29.

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