1MDB and its subsidiaries have won a court order freezing Najib’s assets

Malaysia – 1MDB along with four subsidiaries have obtained an ex parte Mareva injunction against former Prime Minister Datuk Seri Najib Razak in relation to the US$681 million (RM2.85 billion) they sought from him.

According to The Edge Markets, Najib’s assets were frozen, and he was only allowed to take RM100,000 each month for living expenses and legal fees.

A Mareva injunction is a court order that prohibits a defendant or respondent from moving disputed assets in order to thwart the implementation of a pending decision.

Moreover, the news site also noted that Messrs Skrine is the one who lodged the order application on behalf of 1MDB, Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investment Ltd), and three other subsidiaries.

An affidavit that has been submitted before the injunction investigation by 1MDB director Mohd Hisyamuddin Awang Abu Bakar backed up the plea.

Datuk DP Naban, Siva Kumar Kanagasabai, Foo Siew Li, Kong Xin Qing, Dhanyaa Shreeya, Tommy Lim Ka Hui, and Adam Thye Yong Wei of Skrine and Rosli Dahlan Saravana Partnership represented 1MDB and its subsidiaries in the investigation.

Judicial Commissioner Atan Mustaffa Yussof Ahmad approved the injunction and set a hearing date for February 21 in the event that Najib challenges it.

In May of last year, 1MDB launched a multibillion-dollar lawsuit against Najib and the other former executives, alleging that the state investment fund amounting to US$681 million was misappropriated and was transferred into Najib’s accounts.

Najib is said to have filed an application to postpone the 1MDB case hearing, which is set to take place on Friday.

The Court of Appeal confirmed the High Court’s ruling convicting Najib of all allegations of abuse, corruption, and money laundering relating to RM42 million owned by SRC International, a former 1MDB affiliate, in December.