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KUALA LUMPUR: The hearing on the government’s attempt to freeze more than $ 340 million of alleged 1MDB funds held at a UK law firm was delayed until November 10 after the High Court was informed that it had new developments.
The hearing was scheduled for Monday.
Lawyer Alex Tan, representing Petro Saudi International’s South American subsidiary PetroSaudi Oil Services (Venezuela) Ltd, told the court today that “there is some progress” in the case.
“On behalf of the company, it is necessary to review our position and seek further instructions,” he said.
Attorney Yusof Zainal Abiden, who appeared on behalf of Petro Saudi director Tarek Obaid, at this prohibition hearing, said he was also taking the same position that “events also involve my client.”
Deputy Prosecutor Budiman Lutfi Mohamed said the prosecution had no problem with the request.
To that, trial judge Mohd Nazlan Ghazali said he would hear the request for the ban order next month.
The prosecution maintains that the US $ 340,258,246.87 in Clyde & Co LLP owned by PetroSaudi and its affiliate was obtained through illegal activities.
The government is also trying to prohibit the use of an undisclosed sum held in a bank account under the name Temple Fiduciary Services Ltd.
Malaysia Anti-Corruption Commission (MACC) Investigative Officer Mohd Afiq Abdul Aziz, in his affidavit to support the request, claimed that the money was related to a conspiracy to defraud 1MDB involving Tarek, fugitive businessman Low Taek. Jho and former Prime Minister Najib Razak.
The court previously granted a temporary order preventing PetroSaudi International and Tarek from using such 1MDB funds, pending disposition of the government’s offer to obtain the prohibition order.
