KUALA LUMPUR: The government today failed in its bid to stay the execution of the High Court order dismissing the Malaysian Anti-Corruption Commission’s (MACC) motion to forfeit RM10,747,042.77 million seized from Jakel Trading Sdn Bhd.
The money was seized over alleged links to state investment arm 1MDB.
High Court judge Muhammad Jamil Hussin dismissed the prosecution’s application to stay the ruling, made on March 3 this year rejecting MACC’s forfeiture suit against the textile wholesale supplier.
In his ruling, Jamil held that the prosecution had failed to show special circumstances warranting a stay from the court.
The application was filed on March 17 to stay the ruling and prevent the money from being released to Jakel pending its appeal to the Court of Appeal.
Deputy public prosecutor Farah Yasmin Salleh from MACC submitted that the money should not be released as it would be spent by the respondent.
There was no guarantee that the money could be reclaimed if the prosecution succeed in its appeal at the Court of Appeal, she added.
Lawyer Thevini Nayagam, representing Jakel, submitted that the company has an annual income of hundreds of millions and the financial capacity to repay the money if the prosecution succeeded in its application.
In June last year, MACC filed a civil forfeiture suit against 41 entities comprising individuals, companies and political parties under the Anti-Money Laundering and Anti-Terrorism Financing Act to recover about RM270 million believed to be linked to 1MDB.
MACC believed the money was illegally transferred from former prime minister Najib Razak’s bank accounts.