PUTRAJAYA: Datuk Seri Najib Razak has withdrawn his appeal to lift a Mareva injunction in a lawsuit that prevents him from disposing of or reducing the value of any of his assets in Malaysia amounting to US$681mil (RM2.96bil).
Lawyer Siva Kumar Kanabasagai, who represented 1Malaysia Development Bhd (1MDB), confirmed the matter when contacted by the press on Tuesday (Oct 15).
According to Siva Kumar, Najib's lawyer Muhammad Farhan Muhammad Shafee told a three-judge panel at the Court of Appeal that his client decided to withdraw the appeal as it had become academic.
"His lawyer said this is because there is already a Mareva injunction against Najib in the SRC International Sdn Bhd lawsuit," he said, referring to a separate legal action.
During the proceedings, Justice Lee Swee Sweng, who chaired the panel, struck out the appeal with costs of RM30,000 after the court was informed of the withdrawal.
Other judges on the bench were Justices Dr Choo Kah Sing and Azman Abdullah.
A Mareva injunction is an order stopping a party from disposing of any property while waiting for the resolution of legal action.
In May 2021, 1MDB and its four subsidiaries filed a lawsuit against Najib and several other individuals, including former 1MDB finance director Terrence Geh Choh Heng, former 1MDB counsel Jasmine Loo Ai Swan, former 1MDB executive director Casey Tang Keng Chee, former 1MDB chief investment officer Vincent Beng and former 1MDB chief financial officer and later chief operating officer Radhi Mohamad.
The four subsidiaries are 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified Investment Company Limited.
On Feb 8, 2022, the High Court granted an ex-parte Mareva injunction against Najib, freezing his assets in relation to 1MDB's claim of US$681mil against Najib.
As a result, Najib is allowed to withdraw up to RM100,000 monthly from his bank accounts for his expenses. If he requires more than that, he has to apply to 1MDB's solicitors.
Najib was appealing this decision.
In the lawsuit by SRC International and Gandingan Mentari Sdn Bhd, the two plaintiffs had on March 24, 2022, obtained a Mareva injunction to Najib from transferring or dissipating any of his assets amounting to RM42mil.
SRC and Gandingan Mentari sued Najib for alleged criminal breach of trust, abuse of power and misappropriation of SRC's funds.
