KUALA LUMPUR: The High Court has ruled that the assets of former prime minister Datuk Seri Najib Razak will remain frozen pending the trial of a suit filed against him by 1Malaysia Development Bhd (1MDB). The court stated that there are real risks of the assets being dissipated. High Court judge Justice Atan Mustaffa Yussof Ahmad dismissed Najib’s application to set aside a Mareva injunction that froze his assets worth US$81 million. The judge ruled that a considerable portion of the assets were in the form of cash in bank accounts and unit trusts, making the risks of dissipation very real. Najib has also been ordered to pay RM20,000 in costs.
The Mareva injunction was obtained by 1MDB and its subsidiary, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), on February 8 last year. The two companies are the first and fifth plaintiffs in the suit against Najib and several others. Justice Atan Mustaffa Yussof Ahmad stated that the evidence presented, along with prior judicial rulings and Najib’s intricate financial dealings, strongly supports the conclusion of a real and material risk of asset dissipation. He emphasized that the serious allegations of dishonesty against Najib were substantial and met the standards set in relevant case law.
The judge further stated that the plaintiffs had successfully demonstrated a compelling case against Najib, with claims of breach of fiduciary duties, fraudulent breach of trust, knowing receipt, dishonest receipt, unjust enrichment, and misfeasance in public office substantiated by substantial evidence. However, the Mareva injunction allows Najib to withdraw up to RM100,000 a month for living expenses and legal fees. In the case that he requires excess funds, Najib is required to obtain written permission from 1MDB and Global Diversified Investment’s lawyers.
According to the court order, Najib is also required to file a written disclosure to 1MDB and Global Diversified Investment regarding his assets worth up to US$681 million, whether in Malaysia or abroad, whether in his own name or not, and whether solely or jointly owned by other defendants. The judge criticized Najib’s conduct, particularly his failure to make complete asset disclosures, stating that it demonstrated a blatant disregard for the procedural obligations of the proceedings.
The suit brought by 1MDB and its subsidiaries includes five plaintiffs: 1MDB, 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited, and Global Diversified Investment. Alongside Najib, the other defendants listed are 1MDB’s former deputy chief financial officer and executive finance director Terence Geh Choh Heng, former general counsel Jasmine Loo Ai Swan, executive director of business development Casey Tang Keng Chee, former director of investments and chief investment officer Vincent Beng Huat Koh, former chief financial officer and subsequently chief operating officer Radhi Mohamad, former director of investments Kelvin Tan Kay Jim, and former chief investment officer Nik Faisal Ariff Kamil.
Credit: The Star : News Feed
![[English - 100% Original] - Frozen Assets by P.G. Wodehouse (UK edition, hardcover)](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
