KUALA LUMPUR, Oct 22 ― The government’s application to block PetroSaudi International Ltd and its director, Tarek Obaid, from using over US$340 million linked to 1Malaysia Development Berhad which was kept in a client’s account at a United Kingdom’s law firm, will be heard on December 6 and 9 at the High Court here.
“The next case management will be on Nov 11 and any further affidavit or affidavit-in-reply must be filed on or before November 10. There would be no further affidavits after November 10,” the judge said. On October 8 proceedings, Budiman told the court that prosecution had served the cause papers on the three foreign entities, namely PetroSaudi International Limited in Saudi Arabia, as well as the two London based companies, Clyde & Co and Temple Fiduciary Services Limited, hence, they need time to confirm whether or not they want to respond and to file an affidavit on the documents served to them.
The interim order is to maintain the status quo of the parties until the disposal of the government’s prohibition application seeking an order to restrain any dealings on the monies belonging to PSI and PSOS-VZ which are currently in an escrow account held by Clyde & Co.
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