New High Court judge to hear 1MDB-linked suit involving PetroSaudi

KUALA LUMPUR: A new High Court judge will be hearing the 1Malaysia Development Bhd (1MDB)-linked forfeiture suit involving US$340.26mil (RM1.42bil) filed by the government against PetroSaudi International (PSI) Ltd and its subsidiary PetroSaudi Oil Services (Venezuela) Ltd (PSOS-VZ).

The case was supposed to have been heard before Justice Mohd Nazlan Mohd Ghazali, who has been transferred to the High Court’s civil division since March 1.

Deputy Public Prosecutor Budiman Lutfi Mohamed told reporters on Wednesday (March 17) that Justice Ahmad Shahrir Mohd Salleh, who is taking over the case, has fixed Sept 6 and 7 to hear the prohibition application during case management this morning.

On July 10 last year, the government filed the main application in seeking for a prohibition order to restrain any dealings of the monies amounting to US$340,258,246.87 (RM1,426,192,441.76), said to be linked to 1MDB.

It named Tarek Obaid, PSI, PSOS-VZ, Clyde & Co. LLP and Temple Fiduciary Services Ltd as the first, second, third, fourth and fifth respondents, respectively.

The application sought to bar a total of US$340,258,246.87 deposited in a client's account at law firm Clyde & Co. LLP, as well as an unspecified amount of money deposited in an intermediate account name of Temple Fiduciary Services at Barclays Bank.

Both the specified and unspecified monies belonged to PSOS-VZ, which was wholly owned by Tarek through PSI.

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High Court , 1MDB , PetroSaudi , Suit , Judge , Forfeiture


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