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KUALA LUMPUR, March 17 — The High Court today fixed hearing dates on September 6 and 7 to hear the Malaysian government’s bid to stop Saudi citizen Tarek Obaid, his company PetroSaudi International Limited (PSI) which was incorporated in Saudi and three others from accessing over US$340 million of funds allegedly originating from 1Malaysia Development Berhad (1MDB) and currently being held in the UK.
When met at the Kuala Lumpur court complex, deputy public prosecutor Budiman Lutfi Mohamed confirmed to reporters the hearing dates for the Malaysian government’s application to prohibit the five respondents from accessing the funds in the UK.
Asked about the progress of negotiations between the Malaysian government and the respondents for an out of court settlement, Budiman merely said it was “ongoing”.
The five respondents in this court case — filed on July 10, 2020 by the Malaysian government via the public prosecutor — are Tarek, PSI, the Barbados-incorporated PetroSaudi Oil Services (Venezuela) Limited (PSOSL), UK law firm Clyde & Co, and Temple Fiduciary Services Ltd.
Earlier, Budiman and PSOSL’s lawyer Alex Tan were in a case management before High Court judge Datuk Ahmad Shahrir Mohd Salleh.
This was the first time that the case has come up before Ahmad Shahrir, who took over from High Court judge Mohd Nazlan Mohd Ghazali.
The matter was last brought up before Mohd Nazlan on February 4. Mohd Nazlan was on March 1 transferred from the criminal courts to civil courts to replace another judge who was retiring.
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