Tuesday, July 5, 2022

1MDB withdraws US$1 billion suit against legal firm, partner

1MDB withdrew its suit against both defendants on July 19.

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1MDB has withdrawn its US$1 billion lawsuit filed against legal firm Wong & Partners and its partner Brian Chia Hock Gee.

Based on copies of court documents obtained by the media, 1MDB as the plaintiff withdrew its suit against both defendants on July 19.

The draft, approved by High Court deputy registrar Siti Aisyah Ahmad, also stated that the writ of summons had been withdrawn with no liberty to file afresh and no order as to costs.

1MDB, through its writ of summons filed on May 7, alleged that the defendants, together and separately, violated their statutory duties towards the company on behalf of Najib Razak and businessman Low Taek Jho, also known as Jho Low, and their associates, causing 1MDB to suffer losses of US$1 billion.

1MDB had sought US$1 billion in compensation and payment of legal fees of RM664,821.21.

On May 10, the finance ministry confirmed that 1MDB and its subsidiary SRC International Sdn Bhd had filed 22 civil suits to seek its assets of over RM96.6 billion, including RM300 million, from various local parties.

The ministry said the writ of summons was filed on May 7 in six suits by 1MDB and 16 by SRC International.

The suits filed by 1MDB were against nine entities including two foreign financial institutions and 25 individuals, while SRC International filed suits against eight entities and 15 individuals over various forms of misconduct.

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