The news site reported that the assets disclosed can be located in or outside of the country, and must be disclosed within 14 days of the Mareva injunction being served on Datuk Seri Najib Razak. — Picture by Miera Zulyana
KUALA LUMPUR, Feb 10 — Former prime minister Datuk Seri Najib Razak has reportedly been asked to disclose his assets, with an estimated value of US$681 million (RM2.85 billion), to 1Malaysia Development Bhd (1MDB) and Global Diversified Investment Company Ltd (GDICL).
According to The Edge Markets, this was one of the requirements of the court-ordered Mareva injunction against Najib on Tuesday.
The news site reported that the assets disclosed can be located in or outside of the country, and must be disclosed within 14 days of the Mareva injunction being served on Najib.
“He is required to give the value, location and details of all such assets and the information must be confirmed in an affidavit which must be served on 1MDB and 1MDBGIL’s solicitors within 14 days,” the order reportedly reads.
1MDBGIL is an abbreviation referring to the previous name of GDICL, which was known as 1MDB Global Investment Ltd.
“If the total value free of charges or other securities of Najib’s assets in Malaysia exceeds the sum of US$681 million, he may remove any of those assets from Malaysia or dispose or deal with them so long that his assets in Malaysia remain not less than US$681,000,000, the order states,” the order reportedly added.
On Tuesday, 1MDB and four subsidiaries secured an ex parte Mareva injunction against Najib over the US$681 million that they are seeking to reclaim from him.
The application for the Mareva injunction was filed by 1MDB and four of its subsidiaries, including GDICL.
A Mareva injunction is a legal order to prevent a defendant or respondent from transferring disputed assets in order to frustrate the execution of an impending judgment.
The injunction was granted by Judicial Commissioner Atan Mustaffa Yussof Ahmad, who also set February 21 for hearing, in the event Najib contests the injunction.
Najib’s lawyer, Muhammad Farhan Muhammad Shafee reportedly said that they would “strongly challenge” the injunction.
This comes after 1MDB filed a multi-billion dollar suit against Najib and other former directors in May last year, to claim the US$681 million the state investment firm alleged was misappropriated and transferred into Najib’s accounts.