1MDB, subsidiaries win court order freezing Najib’s assets

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1MDB and four subsidiaries secured an ex parte Mareva injunction against ex-prime minister Datuk Seri Najib Razak over the US$681 million (RM2.85 billion) they were seeking to reclaim from him.

Hari Anggara

According to The Edge Markets, the asset freezing also limited Najib to withdrawing no more than RM100,000 a month for his living costs and legal expenses.

A Mareva injunction is a legal order to prevent a defendant or respondent from transferring disputed assets in order to frustrate the execution of an impending judgment.

The news site further reported that the application for the order was filed this morning by Messrs Skrine on behalf of 1MDB, Global Diversified Investment Company Ltd (previously known as 1MDB Global Investment Ltd) and three other units.

The application was supported by an affidavit 1MDB director Mohd Hisyamuddin Awang Abu Bakar filed at the injunction inquiry.

In the inquiry, 1MDB and its subsidiaries were represented by lawyers from Skrine and Rosli Dahlan Saravana Partnership, comprising Datuk DP Naban, Siva Kumar Kanagasabai, Foo Siew Li, Kong Xin Qing, Dhanyaa Shreeya, Tommy Lim Ka Hui and Adam Thye Yong Wei.

The injunction was granted by Judicial Commissioner Atan Mustaffa Yussof Ahmad, who also set February 21 for hearing, in the event Najib contests the injunction.

In May last year, 1MDB filed a multi-billion-dollar suit against Najib and other former directors to claim the US$681 million the state investment firm alleged was misappropriated and transferred into Najib’s accounts.

Najib reportedly filed an application to stay the hearing of the 1MDB suit, which is due to be heard on Friday.

Last December, the Court of Appeal upheld the High Court decision to convict Najib of all his charges of abuse, corruption, and money laundering related to RM42 million belonging to SRC International, a former 1MDB subsidiary. – MMO