Monday, May 16, 2022

SRC obtains court order freezing Najib’s assets

The former prime minister is prohibited from transferring or dissipating any of his assets up to the amount of RM42 million.

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SRC International and one of its subsidiaries have obtained a Mareva injunction from the Kuala Lumpur High Court preventing former prime minister Najib Razak from transferring or dissipating of any his assets amounting to RM42 million.

The decision was made by judicial commissioner Mohd Arief Emran Arifin in an online proceeding yesterday after allowing the application by SRC International and Gandingan Mentari Sdn Bhd, the first and second plaintiffs in SRC International’s suit against Najib.

A Mareva injunction is a temporary order which restrains the defendant from disposing of assets until the determination of the case between the plaintiff and the defendant.

The court directed that Najib, 69, must not remove, dispose of, deal with or diminish the value of any of his assets in or outside of Malaysia up to the value of RM42 million, pending the final determination of the suit.

The court also directed that the Pekan MP disclose to SRC International’s solicitors (the plaintiff) in writing their assets, in or outside of Malaysia, up to the value of RM42 million, within 30 days after the order has been served on Najib who is also former Umno president.

 The former prime minister will be entitled to draw and expend from a bank account or other sources a sum not exceeding RM100,000 per month for his ordinary living and legal expenses, which the court said is inclusive of the ad interim Mareva injunction order obtained by 1MDB.

Arief also fixed the next case management on May 13.

A lawyer from Messrs Rosli Dahalan Saravana Partnership, representing SRC International, confirmed the court’s decision.

SRC International and Gandingan Mentari Sdn Bhd were represented by counsels M Nagarajah, Syafinaz Vani, Clament Tay and Lisa Yong from Messrs Rosli Dahlan Saravana Partnership while Muhammad Farhan Shafee and Thilagan Mehanathan from Messrs Shafee & Co appeared for Najib.

On Feb 8, 1MDB and its subsidiaries, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited) obtained a Mareva injunction from the Kuala Lumpur High Court to stop Najib from disposing of or reducing the value of any of his assets in Malaysia up to a sum of US$681 million. 

However, on Feb 18, Najib filed an application to set aside the Mareva injunction. The hearing was fixed on May 6.

On July 28, 2020, the High Court sentenced Najib to 12 years in prison and a fine of RM210 million after finding him guilty of misappropriating RM42 million in SRC International funds. The case is at the appeal stage in the Federal Court following the Court of Appeal’s decision upholding the High Court’s conviction and sentence.

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