1MDB: Najib’s Account Not Frozen, Only Limited Withdrawals

The Mareva injunction by 1MDB lawyers and civil case are also based on affidavits made by gov’t officers as with the forfeiture of cash and asset cases against Najib before and the gov’t lost both cases

Former Prime Minister Najib Razak’s accounts were not frozen, but he is only prohibited to withdraw any amount more than RM100 thousand every month.

Speaking on condition of anonymity, a source close to Najib said the former premier only has one house in Pekan and only one bank account to receive his pensions under his name.

“Najib’s accounts are also not frozen. It’s just that he is prohibited to withdraw any amounts more than RM100k every month.

“So, this injunction yesterday was filed by 1MDB and approved by a Judicial Commissioner to stop Najib from disposing assets beyond RM100k per month since 1MDB is claiming the RM2.6 billion from Najib which he has already returned to sender,” the source said.

Adding on further, the source said, this injunction and civil case is also based on affidavits made by gov’t officers as with the forfeiture of cash and asset cases against Najib previously where the govt had lost both cases.

“This is not the first time that the gov’t tries to freeze his accounts or assets.

“They did try last year, but lost the case.

“The judicial commissioner allowed this injunction order based on a guarantee made by 1MDB that it will pay for any compensation or damages up to RM2.6b that Najib had suffered from this suit should the sovereign fund lose the civil case,” the source said.

Immediately Return The Assets

Despite the big cry when Najibs family assets were seized in 2018 last year the KL High Court<br>ordered the govt to immediately return the assets Photo AFPThe Straits Times<br>

Last year on 08 November, the Kuala Lumpur High Court ordered the government to immediately return assets that were seized from Najib Razak, his wife Rosmah Mansor, their three children and several others.

Judge Mohamed Zaini Mazlan made the order after dismissing the government’s application which sought to forfeit hundreds of items including designer handbags, vehicles and cash in various currencies said to be linked to the 1MDB scandal.

In his decision, Zaini said the prosecution had failed to prove that the properties seized were connected to unlawful activities.

He said there was no evidence to show that the properties seized from Najib, Rosmah, their children Riza Shahriz Abdul Aziz (Najib’s stepson), Nor Ashman and Nooryana Najwa, were bought using money in the former prime minister’s bank accounts.

The prosecution, he said, had in fact admitted that some of the seized properties were gifts.

On Tuesday (08 Feb), The Edge reported that 1MDB and its four subsidiaries have obtained an ex-parte Mareva injunction from the High Court (commercial division) against Najib or his agents, freezing his assets in relation to their claim of US$681 million.

According to The Edge, 1MDB along with Global Diversified Investment Company Ltd (previously known as 1MDB Global Investment Ltd or 1MDBGIL) and three other units, are understood to have filed the ex-parte Mareva injunction through the firm Messrs Skrine on Tuesday. The matter was heard the same day at 11.30 am as a check of the court cases list reveals.

Transfer Of Assets

A Mareva injunction is a court order that effectively freezes the assets of the person where legal action is before the court. It is to prevent the transfer of assets that may include money held in banks or financial institutions.

The Edge also reported that the Mareva injunction applies worldwide and only to the Pekan MP even though other former directors and board of advisers are also named in the 1MDB suit.

The injunction is to prevent the dissipation of the US$681 million claimed against Najib and several others.

1MDB director Mohd Hisyamuddin Awang Abu Bakar affirmed an affidavit in support of the application for the injunction.

In the hearing, 1MDB and 1MDBGIL were represented by lawyers from Skrine and Rosli Dahlan Saravana Partnership, comprising Datuk DP Naban, Siva Kumar Kanagasabai, Foo Siew Li, Kong Xin Qing, Dhanyaa Shreeya, Tommy Lim Ka Hui and Adam Thye Yong Wei.

Judicial Commissioner Atan Mustaffa Yussof Ahmad heard the application and granted the relief sought.

1MDB and its subsidiaries had in May last year filed a multi-billion dollar suit against the former prime minister and several other defendants who were former directors or board of advisers in the company.

1MDB and its subsidiaries claim that US$681 million was misappropriated and transferred to Najib’s accounts.

Following Tuesday’s ex-parte Mareva injunction, the court fixed Feb 21 to hear Najib should he contest the injunction. – New Malaysia Herald

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