1MDB fails in bid to get new judge
KUALA LUMPUR: The High Court yesterday dismissed 1Malaysia Development Bhd’s (1MDB) application to have a new judge preside over its US$1.83 billion suit against former top brass Tan Sri Mohd Irwan Serigar Abdullah and Arul Kanda Kandasamy.
Judicial commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan made the ruling yesterday afternoon.
Irwan and Arul Kanda were former 1MDB advisers and chief executive officer, respectively.
The sovereign wealth fund was seeking judge Datuk Atan Mustaffa Yussof Ahmad to hear the case.
Atan was the presiding judge in the 1MDB suit against its former
general counsel Jasmine Loo Ai Swan where it sought to recover US$8 million of its funds.
In May 2021, 1MDB filed a suit against Arul Kanda and Irwan over alleged breach of trust and conspiracy, causing 1MDB to suffer losses amounting to US$1.83 billion in relation to its investment in 1MDB-Petrosaudi Ltd.
1MDB also claimed that the two defendants committed breach of trust and conspiracy by misappropriating 1MDB money, amounting to US$3.5 billion, paid to Aabar Investments and US$1.265 billion, paid to International Petroleum Investment Company, on May 9, 2017.
1MDB alleged that Irwan also conspired with Arul Kanda to cause the company to implement the Employment Extension Agreement and made a substantial payment of RM2,905,200 to Arul Kanda as per the agreement, regardless of 1MDB’s interests, causing the company to suffer losses and damages.
In this regard, 1MDB, among others, demanded that the two defendants pay US$6.59 billion for the breach and an additional RM2.9 million from Irwan in relation to the Employment Extension Agreement.
Irwan and Arul Kanda filed separate applications to strike out the suit on Feb 18 and June 2 last year, respectively.