For alleged misappropriation of US$250 million.
The hearing of a lawsuit filed by 1Malaysia Development Bhd (1MDB) and three of its subsidiaries against Riza Shahriz Abdul Aziz, the stepson of former prime minister Datuk Seri Najib Tun Razak, for alleged misappropriation of funds amounting to US$250 million (RM1.1 billion) for film production and purchase of real estate, will begin on Oct 16, 2024, at the Kuala Lumpur High Court.
The three 1MDB subsidiaries are 1MDB Energy Holdings Ltd, 1MDB Energy Ltd and 1MDB Energy (Langat) Ltd.
Lawyer Desmond Low Zhi Jie, representing Riza and his two companies, Red Granite Pictures Incorporated and Red Granite Capital Ltd, said the trial had been set for Oct 16 to 18, 21 to 25, Oct 28 to Nov 1 and Nov 4, 2024.
“The hearing will be before Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan,” said the lawyer when contacted Wednesday (April 12).
According to Low, Thursday (April 13) had been set for case management.
On May 7, 2021, 1MDB and its three subsidiaries sued Riza and his two companies for allegedly receiving around US$248 million in funds that they misused for their personal gain, including financing a film and purchasing various properties.
The plaintiffs are seeking a declaration that Riza is responsible for the misappropriated funds and demand repayment.
Riza and his two companies, in a statement of defence filed on Oct 25, 2021, claimed to have obtained the loan from the Saudi royal family or the International Petroleum Investment Company to produce several films in the United States.
He claimed that it was difficult for an unknown film producer to obtain bank loans and that had compelled him to seek funds from individuals or companies.