KUALA LUMPUR (Dec 23): The High Court has given a three-month extension to a prohibitory order that had been granted to the Malaysian Anti-Corruption Commission (MACC) against Saudi businessman Tarek Obaid, PetroSaudi International Ltd (Inc in Saudi Arabia), and three others, from dealing with US$340 million assets related to 1Malaysia Development Bhd (1MDB).
The order was given by High Court judge Noor Ruwena Md Nurdin on Tuesday following an application by MACC deputy public prosecutor Mahadi Abdul Jumaat to seek the extension against Tarek, PetroSaudi International, PetroSaudi Oil Services (Venezuela) Ltd (Inc in Barbados) (PSOSL), Clyde & Co LLP, and Temple Fiduciary Services Ltd.
The prohibitory order was supposed to be from Dec 11, 2024, to Dec 10, 2025, hence the application for an extension.
The extension given on Tuesday will help the MACC on what move to decide on next.
There has been ongoing forfeiture proceedings against Tarek and the entities mentioned in the action.
The MACC had sought an extension of the order this month following its expiry.
Tarek was represented by Datuk Mohd Yusof Zainal Abiden, while Alex Tan from Wong Kian Kheong & Co appeared for PetroSaudi International and PSOSL.
The MACC made the application for extension under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA).
The Section states that the public prosecutor may make a prohibition application barring parties from dealing with property held outside of Malaysia if he is satisfied that any of the property is: a) the subject matter or evidence relating to the commission of an offence under Subsection 4(1) or a terrorism financing offence; b) terrorist property; c) proceeds of an unlawful activity; or d) the instrumentalities of an offence.
The government is seeking a total of US$340 million (as of February 2019) held in the client's account at Clyde & Co LLP on behalf of PSOSL. In addition, the prosecution is also seeking unspecified sums that were deposited under an intermediate account name of Temple Fiduciary at Barclays Bank in the UK.
The prosecution has contended that the funds in the escrow account could be traced back to 1MDB.