Parties in govt’s bid to freeze 1MDB-related US$340 mln fund still negotiating settlement

KUALA LUMPUR: The government is still in the process of negotiating with several parties, including PetroSaudi International Limited (PSI) and PetroSaudi Oil Services (Venezuela) Limited (PSOSVZ), in its application to freeze over US$340 million of alleged 1Malaysia Development Berhad (1MDB) funds kept in a client’s account at a UK law firm.

Lawyer Alex Tan, appearing for PSOS-VZ informed Justice Mohd Nazlan Mohd Ghazali this during the case management proceeding yesterday.

“I believe the parties are still in the midst of finding an alternative to resolve this matter and will be needing more time. We humbly request for another mention date before this court for us to update if the negotiations are successful,” said the lawyer.

Deputy public prosecutor, Budiman Lutfi Mohamed confirmed the matter.

In response to this, judge Mohd Nazlan questioned the lawyer if there had been any real progress in their ongoing discussions.

“There have been serious exchange of correspondence between us until last week but I am still getting instructions from the client.

“We also had a face-to-face meeting together with the government representatives before the commencement of the recent Conditional Movement Control Order (CMCO) on October 14,” said Tan.

After hearing the progress from both parties, the court set February 4, 2021 for case management pending updates on the ongoing negotiations.