NAJIB Razak’s application to set aside the mareva injunction obtained by 1Malaysia Development Berhad (1MDB) and one of its subsidiaries to stop the former prime minister from disposing of or dissipating its assets in Malaysia worth US$681 million (RM2.93 billion) will be heard on May 26 at the High Court in Kuala Lumpur.

On February 8 last year, the court allowed the ex-parte application for a mareva injunction by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), both as first and second plaintiffs, in the 1MDB lawsuit against Najib and several other individuals.

1MDB counsel, Wong Chee Lin said Judge Atan Mustaffa Yussof Ahmad had set the same date (May 26) for the hearing of the inter-parte application for the mareva injunction during today’s online proceedings.

“The court also extended the ad interim injunction obtained by Najib till the mareva injunction is heard and decided,” he said.

A mareva injunction is an order stopping a party from disposing of any property while waiting for a legal resolution.

The injunction also limited Najib to withdrawals of not more than RM100,000 a month for his living expenses and legal fees, and he would have to obtain written permission from 1MDB and Global Diversified counsels if he needed funds in excess of the total.

The order also stated that Najib would need to file a written disclosure to 1MDB and Global Diversified regarding his assets of up to US$681 million, whether in Malaysia or abroad, in his own name or not and solely or jointly owned by other defendants.

Plaintiffs 1MDB, 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified filed a suit against Najib, Terrence Geh Choh Heng (former 1MDB financial director), Jasmine Loo Ai Swan (former 1MDB counsel), Casey Tang Keng Chee (former 1MDB executive director), Vincent Beng and Radhi Mohamad (former 1MDB chief operating officer).

Kelvin Tan Kay Jim (former 1MDB investment director) and Nik Faisal Ariff Kamil (former SRC International Sdn Bhd chief executive officer) are also listed as defendants in the lawsuit. – Bernama, February 7, 2023.