KUALA LUMPUR (Oct 10): The Malaysian Anti-Corruption Commission (MACC) has obtained a High Court order to freeze US$115.32 million (RM486.40 million) in three Swiss bank accounts linked to Prince Turki Abdullah Abdul Al-Saud, a co-founder of Petrosaudi International, which is allegedly involved in the 1Malaysia Development Bhd (1MDB) scandal.
The restraining order was issued by High Court (Criminal 1) judge Nurulhuda Nur’aini Mohamad Nor on Thursday, Oct 9, under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), following an application filed by the MACC on Tuesday, the commission said in a statement.
Through the order, the MACC successfully froze three accounts containing US$87.15 million and US$12.78 million held with JPMorgan, and US$15.39 million held with UBS Switzerland.
According to the commission, the application was based on information received in 2011, which alleged that Prince Turki had received, transferred, and utilised funds misappropriated from 1MDB through his personal bank accounts in Switzerland.
Prince Turki, the seventh son of the late King Abdullah of Saudi Arabia, is also a grandson of Saudi Arabia’s founder, King Abdulaziz. He co-founded PetroSaudi International, which had entered into a controversial joint venture with 1MDB in 2009 that was later reported to have facilitated large-scale fund diversions through offshore entities.