1MDB, SRC International file suits seeking to recover almost RM100bil

PETALING JAYA: Three law firms filed a total of 21 suits on behalf of 1Malaysia Development Bhd (1MDB) and its subsidiary SRC International Sdn Bhd as the two entities seek to regain over US$23bil (RM94.5bil) in funds from entities who allegedly siphoned it from them.

The suits were filed by Rosli Dahlan Saravana Partnership, Skrine & Co and Lim Chee Wee Partnership on Friday (May 7) at the Kuala Lumpur High Court and the Shah Alam Sessions Court.

Among the plaintiffs in the suits include 1MDB subsidiaries such as 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd, formerly known as 1MDB Global Investments Ltd.

According to The Edge, five suits were filed by 1MDB and its subsidiaries, with 16 more by SRC.

Various claims were made against several people including former prime minister Datuk Seri Najib Razak, former 1MDB office-bearer Tan Sri Che Kodin Wok Kamaruddin as well as former chief executive officers Datuk Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman.

The suits also named fugitive businessman Low Taek Jho better known as Jho Low and those close to him, including his father Tan Sri Low Hock Peng, sister Low May Lin, and close associate Eric Tan Kim Loong.

It also named financial institutions such as Deutsche Bank (Malaysia) Ltd, Swiss-based Coutts & Co Ltd, JP Morgan (Switzerland) Ltd as well as PetroSaudi International Ltd and its founder Tarek Obaid.

In one of the five suits by 1MDB, the plaintiffs are seeking US$7.8bil (RM32bil) from Najib and other 1MDB officers.

In another suit, where Arul and former Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah are named as defendants, US$6.6bil (RM27bil) is being sought with an additional RM2.9mil being sought from Mohd Irwan for alleged fraudulent breach of duties.

The plaintiffs are also claiming US$4.9bil (RM20bil) from the financial institutions and Petrosaudi companies and its founder Tarek in another suit including US$153mil (RM628mil) from Petro Saudi director Patrick Mahony; and US$1.4bil (RM5.7bil) is being sought from the Low family and Tan.

US$1bil (RM4.1bil) and RM664,821.21 are being sought from former legal firm Wong & Partners and its senior partner Brian Chia.

It is also believed that the suits were filed locally in an attempt to lure foreign parties, including Jho Low, to come to their defence in the Malaysian jurisdiction.

The defendants in the 1MDB suits are being sued for alleged fraudulent acts including fraudulent misrepresentation, breach of duties, breach of trust, breach of statutory and contractual duties, conspiracy negligence, knowing receipt, dishonest assistance, fraudulent misappropriation and unjust enrichment.

Najib is currently appealing his sentence after the Kuala Lumpur High Court found him guilty in his SRC International case for abuse of power, money laundering and criminal breach of trust.

He was sentenced to 12 years imprisonment and RM210mil in fines in June last year.

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