Najib fails to lift freeze order for US$681 million assets 

Updated 7 months ago · Published on 27 Sep 2023 10:21AM · 1 Comments

1Malaysia Development Bhd is suing former prime minister Najib Razak for US$8 billion. – The Malaysian Insight file pic, September 27, 2023.

THE Kuala Lumpur High Court today upheld an order to freeze US$681 million (RM3.2 billion) in assets connected to former prime minister Najib Razak.

Judge Atan Mustaffa Yussof Ahmad dismissed Najib’s application to set aside the Mareva injunction obtained by the 1Malaysia Development Bhd, which is suing him for US$8 billion.

A Mareva injunction is a court order which freezes the assets of a defendant so that it is not dissipated pending the outcome of a legal action.

Atan ruled that the injunction be upheld until the resolution of the case.

However, the judge allowed Najib to withdraw RM100,000 a month for expenses and legal fees.

Najib is currently serving a 12-year jail sentence after being found guilty of embezzling and laundering the funds of SRC International Sdn Bhd, a former 1MDB subsidiary.

In May last year, 1MDB filed 22 civil suits against various parties, including Najib, to recover RM96.6 billion in assets.

The Finance Ministry said six of the 22 writs were filed by 1MDB and 16 by SRC International Sdn Bhd.

1MDB filed the writs against two foreign financial institutions and 25 individuals. – September 27, 2023.

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Comments

  • 100,000 a month! Thats 1.2m a year and for 12 years its 14.4m! His legally acquired assets do not cover that. He is not entitled to the interest on his frozen assets so where is this money coming from?

    Posted 7 months ago by Malaysia New hope · Reply