KUALA LUMPUR (March 6): The High Court has granted a restraining order against Prince Faisal bin Turkey Bandar Al Saud and Datuk Seri Najib Razak's former media advisor, British national Paul Stadlen, to stop them from accessing assets that are believed to be linked to 1Malaysia Development Bhd (1MDB).

The restraining order prohibits Prince Faisal from accessing approximately US$4.5 million held at Riyad Bank, as well as Paul Stadlen from controlling over 12 million units in UK companies and investments, including equity funds and bonds, through Wealthtek LLP.

The order was granted by High Court judge K Muniandy following an application made by the Malaysian Anti-Corruption Commission (MACC) prosecution. The application was made under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), for proceeds of an unlawful act, and Section 51 of AMLA (seizure of immovable property), which were made on Wednesday (March 5) and granted on Thursday.

Deputy public prosecutor Mahadi Abdul Jumaat confirmed Thursday’s outcome when contacted by The Edge.

Mahadi said following the restraining order issued by the High Court, the prosecution would then go to the attorney general to apply for mutual legal assistance (MLA) from the authorities in the UK and Saudi Arabia, to seek enforcement of the order in those countries.

To enforce the order in Saudi Arabia, it has to be translated into Arabic.

The application on Thursday was done ex-parte (on behalf of one side).

In an affidavit in support, sighted by The Edge, the prosecution sought the restraining order against Prince Faisal, where investigations conducted by MACC Senior Assistant Superintendent M Suganthan found that the US$4.5 million is believed to be proceeds from unlawful activity. Investigations are still ongoing.

Following that, it is vital for Prince Faisal or anyone else to be prohibited from dealing with the said asset held at Riyad Bank, Saudi Arabia, which the prosecution suspects is proceeds from unlawful activities and a violation of Section 4(1) of AMLA.

Similarly, in the affidavit in support of Stadlen, the prosecution sought a restraining order on 34 stocks and shares held by Newcastle-based Wealthtek LLP for Rainwood Enterprises Ltd.

“Following this, there is an urgent need to prevent the risk of these assets being dissipated at the risk or detriment of 1MDB or the Malaysian government,” the affidavit states.

Prince Faisal is said to be one of the purported donors that deposited the fund said to have originated from 1MDB into Najib’s account, whereby the former prime minister is currently facing four abuse of power and 21 money laundering charges in relation to US$681 million of 1MDB funds. In that trial, the prince is known as Prince Faisal bin Turki bin Abdullah bin Abdulaziz Al Saud.

While letters from the alleged donor came from one Prince Saud Abdul Aziz Al Saud, Prince Faisal was one of those who deposited the sum into the former Malaysian PM’s account.

Stadlen, who was formerly Najib’s media adviser, was initially charged in absentia in 2019 with two counts of money laundering of RM7.192 million of 1MDB funds.

On July 30, 2021, the charges against Stadlen were withdrawn after he vowed to release the sum to the trust account of 1MDB.

The MACC in a statement on July 30, 2021, said the withdrawal of the charges was taken into consideration that the amount was justified to be forfeited. Therefore, the case against him has been withdrawn, the MACC said.

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