KUALA LUMPUR: PetroSaudi International Ltd (PSI) director Tarek Obaid has been prohibited from selling his 2.5 million shares in Palantir Technologies, allegedly connected to 1Malaysia Development Bhd (1MDB).
The Malaysian Anti-Corruption Commission (MACC) had successfully obtained the court order yesterday, issued by judge Datuk Azhar Abdul Hamid during proceedings at the Kuala Lumpur High Court, following an application filed on Sept 26.
Justice Azhar allowed an application under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 by deputy public prosecutor Nurul Izzati Sapifee.
According to the MACC, the application was based on information that in 2010, Obaid had received, transferred and utilised proceeds from the misappropriation of 1MDB funds which were channelled into his personal bank account to acquire Palantir Technologies Inc shares, purchased at that time for US$2mil.
“Through this order, MACC has successfully restrained 2.5 million shares under the name of Tarek Obaid, now estimated to be worth US$448mil or more than RM2bil, from being traded,” the commission said in a statement.
Besides Obaid, the ex-parte application also named the US-based Palantir Technologies as a party to the order.
This latest asset freeze follows another Malaysian High Court ruling in March, which barred Obaid – a Saudia Arabia citizen, and two firms from dealing with 41 pieces of jewellery worth about £9mil.
