KUALA LUMPUR (Oct 11): Deutsche Bank has been ordered by the High Court to surrender documents to 1Malaysia Development Bhd (1MDB) pertaining to 1MDB's suit regarding PetroSaudi International Ltd.
This follows a consent judgement recorded by Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan over 1MDB’s discovery application on Deutsche Bank over the documents.
At the same time, Deutsche Bank has requested some documents from 1MDB following the German financial institution’s discovery application and that matter is scheduled to be heard on Dec 17.
The matter came up during the hearing of 1MDB’s discovery application, where parties recorded the consent judgement before Raja Ahmad Mohzanuddin.
This was disclosed by 1MDB’s lawyer Pang Huey Lynn from Messrs Lim Chee Wee Partnership after the matter was heard in chambers on Friday.
1MDB filed the US$1.11 billion suit against Tarek Obaid, Patrick Mahony, PetroSaudi, PetroSaudi Holdings (Cayman) Ltd, JP Morgan (Switzerland) Ltd, Deutsche Bank Malaysia, and Coutts & Co Ltd in May 2021 for negligence, breach of contract, breach of fiduciary duties, conspiracy, and dishonest assistance in May 2021.
1MDB alleges that JPMorgan and Deutsche Bank had dishonestly received the transfer of funds from 1MDB into PetroSaudi, while the allegation against Coutts & Co was that it dishonestly received the transfer of funds from 1MDB to Good Star Ltd.
Good Star was a company controlled by fugitive businessman Low Taek Jho, who is better known as Jho Low.
Both JPMorgan and Coutts & Co have denied the allegations by 1MDB.