PUTRAJAYA filed for forfeiture action to be taken against PetroSaudi International Ltd, its subsidiary, PetroSaudi Oil Services (Venezuela) Ltd, and Temple Fiduciary Services Ltd to recover more than US$340 million (RM1.45 billion).

The Kuala Lumpur High Court has set July 16 to hear another application by prosecutors for an order prohibiting law firm Clyde & Co LLP and PetroSaudi CEO Tarek Obaid from using the funds.

The funds are currently held in the escrow account of the law firm on behalf of PetroSaudi Oil Services, under the name Temple Fiduciary Services.

Deputy public prosecutors Muhammad Izzat Fauzan and Budiman Lufti Mohamed, who appeared on behalf of the Malaysian Anti-Corruption Commission, said the funds were from unlawful activities in violation of Section 4(1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA).

MACC investigating officer Mohd Afiq Ab Aziz, in his affidavit of support, said the funds are linked to 1Malaysia Development Bhd, via a joint venture set up with PetroSaudi. 

Tareq was alleged to own the bank account under the name Temple Fiduciary Services. – July 14, 2020.