New judge for 1MDB-PetroSaudi suit
KUALA LUMPUR: The government suit to recover more than US$340 million of 1Malaysia Development Bhd (1MDB) money from PetroSaudi International (PSI) and its director Tarek Obaid will be heard before a new High Court judge.
The case was initially to be heard before High Court judge Mohd Nazlan Mohd Ghazali before he was transferred to the civil High Court earlier this month.
Deputy public prosecutor Budiman Lutfi Mohamed, when met after the management of the case yesterday, said judge Datuk Ahmad Shahrir Mohd Salleh has fixed Sept 6 and 7 to hear the case.
Meanwhile, he said the government is in the midst of seeking a settlement between all parties involved in this case.
However, he declined to comment further.
“I am sorry but I cannot reveal any further detail as the engagement is still ongoing,” Budiman said before leaving the courtroom.
It was reported earlier that all parties involved in this forfeiture suit are negotiating a settlement.
The government, on July 14 last year initiated legal proceedings to recover more than US$340 million stashed in the United Kingdom-based law firm Clyde & CO LLP belonging to PSI and its subsidiary company PetrolSaudi Oil Services (Venezuela) Limited.
The government, through the Malaysian Anti-Corruption Commission (MACC), is also seeking to freeze an unspecified amount of money deposited in an intermediate account of Temple Fiduciary Services at Barclays Bank.
The application was related to an offence under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amlatfapuaa).
Two days later, the High Court issued a temporary order to prevent PSI, its director Tarek Obaid and several entities from moving US$340 million in funds stashed in the foreign law firm.
The order would last until the disposal of the asset forfeiture application filed by the government through the MACC.
However, deputy public prosecutor Muhammad Izzat Fauzan told the High Court that the UK’s National Crime Agency, in an email to the Attorney-General’s Chambers, said it was having difficulty enforcing the order.