THE court will hear 1MDB’s US$248 million (RM1.1 billion) suit against former prime minister Najib Razak’s stepson Riza Shahriz Abdul Aziz and two of his companies in October and November 2024. 

Riza’s lawyer Desmond Low confirmed the trial dates before judge Raja Ahmad Mohzanuddin Shah Raja Mohzan. 

Hearing’s are scheduled for October 16-18, 21-25, 28 and November 1 and 4. 

In 2021, 1Malaysia Development Bhd (1MDB) and three of its subsidiaries filed a suit against Riza, a Hollywood film producer and his two companies, Red Granite Pictures Inc and Red Granite Capital Ltd, for misusing US$248 million of the sovereign wealth fund’s money, including to finance films and buy properties.

The plaintiffs wish to prove that Riza is responsible for the misappropriation of funds and have the money returned to them.

In his defence statement, Riza said the money in question was a loan from Saudi royalty or the International Petroleum Investment Company and not from 1MDB.

He said he was compelled to seek funding because it was hard for an unknown film producer to obtain a bank loan.

1MDB is seeking the receipts for the use of US$10,173,104 from Red Granite Pictures and US$238 million from Red Granite Capital Limited.

The other three plaintiffs are 1MDB subsidiaries 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited. – April 12, 2023.