1MDB, subsidiary obtain injunction against Najib, including RM100,000 cap on monthly bank withdrawals

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) and a subsidiary have obtained an ex-parte injunction from the High Court against Datuk Seri Najib Razak to effectively freeze his assets, including limiting his monthly bank withdrawals to RM100,000.

According to the court order sighted by The Star, should the former prime minister require more than RM100,000 for his ordinary living expenses and legal expenses, he has to obtain written consent from the solicitors of the first plaintiff, 1MDB, and the fifth plaintiff, Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd/1MDB-GIL).

"In the event that no written consent is given, the first defendant may apply and seek leave from the court for a sum of more than RM100,000 per month to be allowed for his expenses," the document said.

The bank withdrawal limitation was one of the orders granted by Judicial Commissioner Atan Mustaffa Yussof Ahmad who heard the matter in chambers via Zoom on Tuesday (Feb 8).

The injunction order was filed by Messrs Skrine on Tuesday.

It is in relation to a lawsuit filed by 1MDB and its subsidiaries - namely 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd - in a USD$681mil claim against Najib and seven other former 1MDB officers.

The other seven defendants named in the lawsuit are Terence Geh (former executive director of finance), Jasmine Loo (former general counsel), Casey Tang (former executive director), Vincent Beng (former chief investment officer), Radhi Mohamad (former chief financial officer) and Kelvin Tan (former director of investments).

However, the injunction order only applied to Najib, who is the first defendant.

According to the court order, among others Najib must not remove from Malaysia, or in any way dispose of, deal with or diminish the value of any of his assets which are in Malaysia up to the value of US$681mil pending the final determination or outcome of the legal action commenced by the 1MDB and Global Diversified Investment Company.

If the former prime minister's assets in Malaysia exceeds the sum of US$681mil, he may remove any of those assets or may dispose of or deal with them so long that his assets in the country remain no less than the said amount.

Assets referred in the order would include any property, whether movable or immovable, and any money standing to the credit of any bank account.

The court also fixed Feb 21 for an inter-parte hearing of the injunction.