Dec 11 set for decision on govt's bid to stop PetroSaudi using 1MDB funds


  • Nation
  • Thursday, 07 Nov 2024

KUALA LUMPUR: The High Court here has fixed Dec 11 to decide on the government’s application to block PetroSaudi International Ltd (PSI) and its director Tarek Obaid from using US$340mil (RM1.61bil) linked to 1Malaysia Development Berhad (1MDB).

The money is currently held in a client’s account by a law firm in the United Kingdom.

Justice Datuk Ahmad Shahrir Mohd Salleh set the date during proceedings on Thursday (Nov 7) attended by DPP Norinna Bahadun, PSI’s lawyer Alex Tan and Obaid’s counsel Datuk Mohd Yusof Zainal Abiden.

ALSO READ: Petrosaudi project in Venezuela impossible without 1MDB funds, court hears

The other respondents in the application are PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ), Clyde & Co LLP, and Temple Fiduciary Services Limited.

In 2020, the court granted the government’s application for an interim order to block the parties from moving the money linked to 1MDB and keeping it in an escrow account held by the firm.

The interim order is to maintain the status quo of the parties until the disposal of the government’s prohibition application for an order restricting any dealings on the funds belonging to PSI and PSOS-VZ which are currently in the escrow account.

The government claimed that the money involved came from 1MDB funds in a joint venture with PSI to establish 1MDB PetroSaudi Ltd in 2010.

ALSO READ: Tarek Obaid had control when US$120mil in 1MDB funds transferred into escrow account, court hears

The application was filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

In August, international media reported that the Swiss Federal Criminal Court convicted Obaid of embezzling US$1.8bil from 1MDB and sentenced him to seven years in prison. – Bernama

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