KUALA LUMPUR: The government is still negotiating with several parties in its application to freeze over US$340 million (RM1.4 billion) in alleged 1MDB funds kept in a client’s account at a UK law firm.
Lawyer Alex Tan, appearing for PetroSaudi Oil Services (Venezuela) Limited, said the company and the government needed more time to resolve the matter.
“We are asking for another mention date before this court so we can update whether our negotiations are successful,” he said.
Deputy public prosecutor Budiman Lufti Mohamed confirmed both sides were in the midst of discussing a settlement.
Previously, the High Court was told that the parties were still negotiating a settlement.
Judge Mohd Nazlan Mohd Ghazali then asked the lawyer if there was “any real progress” in their on-going discussions.
“There were exchanges of correspondence between us up until last week, but I am still getting instructions from the client,” Tan said.
Nazlan then queried if the government had met the relevant parties in any “face-to-face meeting”.
Tan replied there was a meeting between the parties and the government’s representatives before the conditional movement control order (CMCO) was imposed on Oct 14.
The court, after hearing the update, set Feb 4, 2021 to mention the case in view of the negotiations.
“I will fix the hearing date if there is no resolution on the matter,” Nazlan said.
The government is contending that the US$340,258,246.87 in law firm Clyde & Co LLP belonging to PetroSaudi and its subsidiary company was gained through unlawful activities.
Besides the US$340 million, the government is also seeking to bar the use of money kept in a bank account under the name Temple Fiduciary Services Limited.
Malaysian Anti-Corruption Commission (MACC) investigating officer Mohd Afiq Abd Aziz affirmed an affidavit for the application for a prohibition order.
He claimed the money was related to a conspiracy to defraud 1MDB, involving PetroSaudi director Tarek Obaid, Low Taek Jho (Jho Low) and former prime minister Najib Razak.
Besides Malaysia, the US Department of Justice (DoJ) had also filed forfeiture proceedings against Clyde & Co LLP in September to recover the same sum of US$340 million.