Wednesday, May 18, 2022

1MDB gets US$1.4 billion injunction against Jho Low and dad

The injunction will be enforced until the inter-partes application is disposed of.

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1MDB and one of its subsidiaries have obtained an ad interim injunction from the Kuala Lumpur High Court to prevent fugitive businessman Low Taek Jho or Jho Low from transferring or dissipating any of his assets in Malaysia amounting to US$1.03 billion.

Jho Low’s father, Larry Low Hock Peng, was served with a similar injunction from the same companies for the amount of US$401.5 million.

1MDB counsel Siva Kumar Kanagasabai said judge Hayatul Akmal Abdul Aziz allowed the injunction to be enforced until the inter-partes application was disposed of.

“The ad interim injunction was granted on the same terms as the ex-parte order. The court set May 25 for the hearing of (the) inter-partes application,” the lawyer told the media after the proceedings which were held online yesterday.

1MDB and the subsidiary, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited) were represented by counsels Wong Chee Lin, Dhanyaa Shreeya, Kong Xin Qing and Tommy Lim while M Puravalen, Chong Mun Fong and Wong Hong Yi acted for Jho Low and his father.

On March 15, Hayatul allowed a Mareva injunction by 1MDB and Global Diversified, the first and fifth plaintiffs in 1MDB’s suit against Jho Low, his father as well as several other individuals.

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 injunction also limits Jho Low and his father from spending more than RM20,000 a month each for living and legal expenses. If they require more than this amount, they will need to get prior written permission from the lawyers of 1MDB and Global Diversified.

On May 7, 2021, 1MDB and its four subsidiaries – Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited – filed a US$3.7837 billion suit against Jho Low, his father, his mother Goh Gaik Ewe, his sister May Lin, his younger brother Taek Szen and his associate Eric Tan Kim Loong.

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