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Court order for Najib to disclose
US$681m assets to 1MDB...
Najib Abdul Razak has 14 days from the date of service of a Mareva injunction to make written disclosure to 1MDB over US$681 million in assets. However, as of today, it is not clear whether the court order - issued two days ago in relation to an RM23 billion civil action by the sovereign wealth fund and its four subsidiaries against him - has been served on the former prime minister.
The 14-day disclosure is among the various terms in the Mareva injunction issued by the Kuala Lumpur High Court two days ago, in order to maintain status-quo between parties in the legal action, pending disposal of the civil action.
It was reported by The Edge that an impact of the order is that Najib - who used to chair 1MDB’s board of advisers - was directed not to dispose of any part of the US$681 million in assets - whether in Malaysia or overseas.
Another effect of the order is that the former finance minister is only allowed to withdraw up to RM100,000 monthly from his bank accounts to meet his living expenses. Najib previously contended that the US$681 million that went into his bank accounts was a donation from Arab royalty and that it has been returned.
The Mareva injunction issued was in relation to one among 22 civil suits launched by 1MDB and its former subsidiary SRC International last year, targeting those who purportedly defrauded the two government-owned entities, whether knowingly or unknowingly.
In the present civil action, the plaintiffs are 1MDB and its four subsidiaries - 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited, and British Virgin Islands-based Global Diversified Investment Company Limited (previously known as 1MDB Global Investments Limited).
Najib is listed as the first defendant among eight defendants in the present RM23 billion civil suit in which the court granted the Mareva injunction. According to a copy of the Mareva injunction order, Najib was required to confirm in an affidavit to 1MDB and its four subsidiaries, the value, location, and details of the assets.
“That the first defendant (Najib) must disclose to the first and 5th plaintiffs in writing of his assets up to the value of US$681,000,000, whether in or outside Malaysia, whether in his own name or not, and whether solely or jointly owned (with the other defendants or otherwise) and in his nominees holding on his behalf, giving the value, location, and details of all such assets, and the information must be confirmed in an affidavit which must be served on the first and fifth plaintiffs’ solicitors within 14 days after this order has been served on the first defendant,” the order read. Malaysiakini is attempting to reach Najib’s lawyers on whether the court order has been served on him.
Under Malaysian law (and upon service of the court order on him), Najib risks being cited for contempt of court by 1MDB if he does not comply with the terms of the Mareva injunction. Any hypothetical committal proceedings may result in penalties like fines or jail time. The court has fixed Feb 21 to hear Najib’s arguments if he seeks to set aside the Mareva injunction.
In July 2020, Najib was sentenced to 12 years' jail and fined RM210 million for graft charges related to RM42 million he received from SRC International, a former subsidiary of sovereign wealth fund 1MDB.
The Court of Appeal upheld Najib's conviction on Dec 8, 2021. Najib is awaiting his appeal against the decision to be heard in the country’s highest court, the Federal Court.
Earlier today, Najib Abdul Razak says he doesn't have the US$681 million (RM2.6 billion) sought by 1MDB and its subsidiaries. This is after the firms secured an ex-parte Mareva injunction to freeze his assets - with the Pekan MP allowed to withdraw RM100,000 per month for living expenses.
"I don't know why 1MDB thinks I have RM2.6 billion to pay as compensation. I don't have the money to pay RM1.7 billion sought by the Inland Revenue Board, but they (1MDB) think I have money to pay RM2.6 billion," he said in a Facebook post today. "I don't have US$681 million in assets," he said.
According to US investigators, in March 2013, Najib received US$681 million misappropriated from 1MDB. Of this amount, US$620 million was allegedly returned to accounts controlled by fugitive businessperson Jho Low (pix,below). Some of the returned funds were allegedly used to purchase jewellery for Najib's wife Rosmah Mansor.
Najib insists that the US$681 million was a donation from the Saudi royal family and denied any wrongdoing. He is currently on trial over the alleged misappropriation.
Najib in his Facebook post today, implied 1MDB's civil suit was politically motivated.
He claimed that the law firm representing 1MDB, Messrs Rosli Dahlan Saravana, is owned by former prime minister Muhyiddin Yassin's personal lawyer.
He said it was clear that the suit was filed to "create perception" that he had assets valued at US$681 million that can be frozen.
"This is false. After years of investigating, the government clearly knows how much in assets I have," he added.
Najib also said in his post that the suit coincides with the upcoming Johor snap polls. - mk
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