PetroSaudi subsidiary seeks to amend court order over use of US$340 mil

The government has obtained an interim order to restrain PetroSaudi from using US$340 million linked to 1MDB kept in a London law firm. (Reuters pic)

KUALA LUMPUR: A subsidiary of PetroSaudi International in South America wants to amend the High Court’s interim order to restrain them from using more than US$340 million kept in a London law firm.

Lawyer Alex Tan, appearing for PetroSaudi Oil Services (Venezuela) Limited, told reporters this after the case was mentioned before High Court judge Mohd Nazlan Mohd Ghazali today.

“We want to vary the terms of the order by making provisions for us to pay out debts or else the money cannot be moved,” he said.

The bid to seek an amendment to the interim order will be heard on Aug 19.

Nazlan had earlier set Aug 28 to hear the government’s bid to obtain an order to prohibit PetroSaudi International and director Tarek Obaid from using US$340,258,246.87 kept in a client’s account of law firm Clyde & Co LLP.

The government contended the US$340 million originated from 1MDB.

The prohibition order was sought under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (Amla).

Besides the US$340 million, the government is seeking to bar the use of money kept in a bank account under the name Temple Fiduciary Services Limited. The amount was not stated.

Malaysian Anti Corruption Commission (MACC) investigating officer Mohd Afiq Abd Aziz affirmed an affidavit for the application for a prohibition order.

He claimed the money was related to a conspiracy to defraud 1MDB involving Tarek, Low Taek Jho and former prime minister Najib Razak.