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Brunei
Wednesday, March 29, 2023
22.6 C
Brunei
Wednesday, March 29, 2023
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    Malaysian court orders freeze on Najib’s assets

    KUALA LUMPUR (CNA) – Malaysia’s High Court has granted an injunction against former prime minister Najib Razak to effectively freeze his assets, including limiting his monthly bank withdrawals to MYR100,000 (USD24,000).

    According to Malaysian media reports, the application for the injunction was filed at the High Court on Tuesday by 1Malaysia Development Bhd (1MDB) and four of its subsidiaries.

    The court order as sighted by The Star was related to a lawsuit filed by 1MDB and its subsidiaries 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd.

    The lawsuit involves a USD681 million claim against Najib and seven other former 1MDB officers.

    The other seven defendants are Terence Geh (former executive director of finance), Jasmine Loo (former general counsel), Casey Tang (former executive director), Vincent Beng (former chief investment officer), Radhi Mohamad (former chief financial officer) and Kelvin Tan (former director of investments).

    The asset freeze injunction, however, only applied to Najib, who is the first defendant in the lawsuit, The Star reported.

    The injunction was granted by Judicial Commissioner Atan Mustaffa Yussof, who heard the application for a mareva injunction filed by Messrs Skrine, solicitors for 1MDB and the four subsidiaries.

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