PETALING JAYA: Former prime minister Najib Razak has applied to set aside the Mareva injunction imposed by the Kuala Lumpur High Court freezing assets worth US$681 million (RM2.8 billion) in relation to 1MDB.
The Pekan MP filed the application on Feb 18 through his solicitors Messrs Shafee & Co.
According to a report in The Edge Markets, judicial commissioner Atan Mustaffa Yussof Ahmad fixed May 6 to hear Najib’s application and extended the Mareva injunction until the hearing.
On Feb 8, Atan Mustaffa in allowing 1MDB’s ex parte application to impose a Mareva injunction against Najib, ordered that the former finance minister’s assets of up to US$681 million could not be disposed of or dissipated until the determination of a US$8 billion civil suit filed by 1MDB and its four subsidiaries against Najib and the former senior management of 1MDB.
However, Najib is allowed to withdraw up to RM100,000 a month for living and legal expenses. If he needs more, Najib will have to get written permission from 1MDB and Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd). He also can apply and seek court permission if no written permission is given.
The order also states that he must make written disclosures to 1MDB and Global Diversified of assets parked locally or abroad under his name or others.
On Feb 11, lawyers for 1MDB and Najib reached an agreement for the company’s US$8 billion lawsuit to be stayed pending the disposal of his criminal trial. The hearing was set to resume on March 14.
1MDB and its subsidiaries had filed the suit against Najib and several other defendants who were former directors or board of advisers in the company. 1MDB and its subsidiaries claim that US$681 million was misappropriated and transferred to Najib’s accounts.