Court restrains overseas bank account, shares of men linked to Najib

Court restrains overseas bank account, shares of men linked to Najib

The government claims 1MDB funds of US$4.5 million are being held in a Saudi bank, while Najib Razak’s ex-PR man allegedly bought shares using misappropriated funds.

kl high court
High Court judge K Muniandy has issued orders restraining ‘Prince Faisal Turki Al Saud’ from accessing his bank account at Riyad Bank and Paul Stadlen from dealing in shares held by a UK firm.
KUALA LUMPUR:
The High Court here has, on the government’s application, restrained two men linked to Najib Razak from accessing their bank account and shares held overseas respectively.

In the application filed on Wednesday, the government had claimed that a sum of US$4.5 million held by an individual known as “Prince Faisal Turki Al Saud” at Riyad Bank in Saudi Arabia was related to 1MDB.

“Prince Faisal” was said to have transferred RM60 million to Najib in 2011.

Meanwhile, in a separate application, the government had sought to restrain Najib’s former media adviser, Paul Stadlen, from accessing 12 million shares held with an asset management firm in the UK.

The government alleged that Stadlen had bought the shares — worth about US$100 million — using funds misappropriated from mega projects such as the East Coast Rail Link, Multi-Product Pipeline and Trans-Sabah Gas Pipeline.

The orders were granted by Justice K Muniandy during case management today.

Deputy public prosecutor Mahadi Abdul Jumaat appeared for the government.

He told reporters later that the attorney-general will invoke the Mutual Assistance in Criminal Matters Act 2002 to serve the court’s orders on his Saudi Arabian and UK counterparts.

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