February date for Najib’s application to set aside 1MDB injunction

February date for Najib’s application to set aside 1MDB injunction

The application is against an injunction not to sell or reduce the value of his assets amounting to US$681 million.

Yesterday, the High Court rejected an application by Najib Razak to be allowed out of prison to attend the hearing.
KUALA LUMPUR:
The High Court here has set a hearing on Feb 7 for Najib Razak’s application to set aside an injunction preventing him from disposing of or reducing the value of any of his assets in Malaysia amounting to US$681 million (about RM3.2 billion).

The injunction was obtained earlier this year by 1Malaysia Development Berhad (1MDB) and its subsidiary Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited).

SK Kanagasabai, a lawyer for 1MDB, said Najib’s application would be heard by justice Atan Mustaffa Yusoff Ahmad.

Yesterday, the court had rejected an application by Najib to be allowed out of Kajang prison to attend the hearing. He is currently serving a 12-year prison sentence on charges relating to funds linked to 1MDB.

The injunction limits Najib from withdrawing not more than RM100,000 a month for living and legal expenses. If more is required, he would need written permission from the lawyers of 1MDB and its subsidiary, Global Diversified.

The order also states that Najib must make written disclosure to 1MDB and Global Diversified regarding his assets valued up to US$681 million, whether domestic or overseas, under his own name or otherwise and whether owned solely or jointly with other defendants.

The plaintiffs in the suit are 1MDB, 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified.

The defendants are Najib, Terrence Geh (former finance director of 1MDB), Jasmine Loo (former 1MDB counsel), Casey Tang (former executive director of 1MDB), Vincent Beng, Radhi Mohamad (former chief financial officer and subsequently chief operating officer), Kelvin Tan (former investment director) and Nik Faisal Ariff Kamil (former chief executive officer of SRC International Sdn Bhd).

The suit is one of 22 civil actions filed to claim more than US$23 billion on behalf of 1MDB and its former subsidiary SRC International, from several people allegedly involved in the financial scandal.

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