Wednesday 29 Nov 2023
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KUALA LUMPUR (March 1): Lawyers for former Treasury secretary general Tan Sri Mohd Irwan Serigar told the High Court on Wednesday (March 1) that they are applying to amend his statement of defence following Abu Dhabi’s US$1.8 billion payment to settle the disputes between 1Malaysia Development Bhd (1MDB) and International Petroleum Investment Company (IPIC).

In addition, the court was also informed that Messrs Brendan Siva is the new solicitor for 1MDB, since Feb 16, taking over from Messrs Rosli Dahlan Saravana Partnership.

This was highlighted to Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan following case management on Wednesday.

Mavinthra Thillainathan appeared for Irwan while Brendan Siva appeared for 1MDB.

Following that, Raja Ahmad Mohzanuddin directed Irwan’s lawyers to submit the application by March 22, and fixed April 5 as case management for 1MDB to inform the court whether it would object to the amendment.

Should there be objection to the amendment, the court has fixed May 18 for hearing of the amendment.

1MDB had named Irwan and former 1MDB president and managing director Arul Kanda Kandasamy in the US$6.6 billion suit that the firm filed in May 2021 for alleged breach of fiduciary duty, breach of trust and conspiracy.

Among others, the strategic development company is seeking US$6.59 billion from the duo as a result of the purported breach.

Separately, 1MDB is also seeking an additional RM2.9 million against Irwan and Arul Kanda for fraudulent breach of duties and knowing receipt respectively over an alleged extension of the employment agreement dated Feb 23, 2018.

The RM2.9 million was the sum paid to Arul Kanda for the purported employment extension agreement.

In its statement of claim, 1MDB claimed that both Arul Kanda and Mohd Irwan are liable for breach of duties and breach of trust, which resulted in the strategic development company paying a sum of US$1.83 billion to 1MDB-PetroSaudi Ltd, which was converted into stakes in Brazen Sky, and subsequently converted into an investment in Bridge Global Fund.

1MDB also alleged that the duo committed fraudulent breach of duties and breach of trust, resulting in a payment of US$1.265 billion to IPIC as part of a consent award dated May 9, 2017, and US$3.5 billion being misappropriated from the company to Aabar BVI.

Earlier this week, Malaysia and Abu Dhabi reached a settlement regarding the disputes between 1MDB and IPIC, with IPIC and its subsidiary Aabar Investments PJS (Aabar PJS) agreeing to pay the Malaysian government US$1.8 billion.

Edited BySurin Murugiah
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