High Court grants Putrajaya temporary preservation order over RM1.45b 1MDB funds in the UK, pending full hearing | Malay Mail

The High Court granted Putrajaya an interim preservation order over funds in excess of US$340 million in the UK. — Reuters pic

“The court has the jurisdiction to grant the interim preservation order, under Section 53 of the Anti Money Laundering Act, which I now grant. Deputy Public Prosecutors Budiman Lutfi and Muhammad Izzat Fauzan represented the government, while Muhammad Nizamuddin Abdul Hamid represented the Malaysian Anti Corruption Commission as anThis comes as the government seeks to freeze part of an award settlement from arbitration proceedings between PetroSaudi Oil Services and Venezuelan state-owned oil company Petróleos de Venezuela, should the judgement go in favour of PetroSaudi.

The monies being sought is currently placed under the custody of the Clyde and Co London-based legal firm, appointed as an escrow agent to the arbitration proceedings, amounting to US$500 million in total. “They have been communicating with their counterparts and knew about the proceedings in the UK, and yet they didn’t do anything, and now they say it's urgent, which I think is unfair to the respondents.To this Budiman then replied that despite MACC investigations beginning in January, the local agency is not a party to the UK arbitration proceedings, and are depending on information from their UK counterparts.

“Once the monies is released and dispersed to the third and first respondents, that will be the last of when we see the money.

Source: Law Daily Report (lawdailyreport.net)

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