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KUALA LUMPUR: The government is still negotiating with various parties in its request to freeze more than US $ 340 million (RM1.4 billion) in alleged 1MDB funds held in a client’s account at a UK law firm.
Attorney Alex Tan, appearing with PetroSaudi Oil Services (Venezuela) Limited, said the company and the government needed more time to resolve the matter.
“We are requesting another mention date before this court so that we can update if our negotiations are successful,” he said.
Deputy Prosecutor Budiman Lufti Mohamed confirmed that both parties were discussing an agreement.
Previously, the High Court was informed that the parties were still negotiating a settlement.
Judge Mohd Nazlan Mohd Ghazali then asked the lawyer if there was “any real progress” in the ongoing discussions.
“There were exchanges of correspondence between us until last week, but I am still receiving instructions from the client,” Tan said.
Nazlan then asked if the government had met with the relevant parties in any “face-to-face meetings.”
Tan replied that there was a meeting between the parties and government representatives before the conditional movement control order (CMCO) was imposed on October 14.
The court, after hearing the update, set February 4, 2021 to mention the case in view of negotiations.
“I will set the hearing date if there is no resolution on the matter,” Nazlan said.
The government contends that the US $ 340,258,246.87 in the Clyde & Co LLP law firm owned by PetroSaudi and its subsidiary company was obtained through illegal activities.
In addition to the $ 340 million, the government is also trying to ban the use of money held in a bank account under the name Temple Fiduciary Services Limited.
Malaysian Anti-Corruption Commission (MACC) Investigative Officer Mohd Afiq Abd Aziz confirmed an affidavit requesting a ban order.
He claimed that the money was related to a conspiracy to defraud 1MDB, which involved PetroSaudi director Tarek Obaid, Low Taek Jho (Jho Low) and former Prime Minister Najib Razak.
In addition to Malaysia, the US Department of Justice (DoJ) had also initiated forfeiture proceedings against Clyde & Co LLP in September to recover the same sum of $ 340 million.
