May 26 hearing for Najib's bid to lift 1MDB freeze order

Najib Razak’s application to set aside the Mareva injunction obtained by 1MDB and one of its subsidiaries to stop the former prime minister from disposing of or dissipating its assets in Malaysia worth US$681 million will be heard on May 26 at the Kuala Lumpur High Court.

On Feb 8 last year, the court allowed the ex-parte application for a Mareva injunction by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), as first and second plaintiffs, in the 1MDB lawsuit against Najib and several other individuals.

1MDB counsel Wong Chee Lin, when contacted, said that judge Atan Mustaffa Yussof Ahmad had set the same date for the hearing of the inter-parte application for the Mareva injunction at today’s online proceedings.

"The court also extended the ad interim injunction obtained by Najib until the Mareva injunction is heard and decided," he said.

A Mareva injunction is an order stopping a party from disposing of property while waiting for the resolution of legal action.
 
The injunction limits Najib to withdrawals of not more than RM100,000 a month for his living expenses and legal fees, with written permission needed from 1MDB and Global Diversified counsels if he needs funds in excess of the total.

The order also states that Najib will need to file a written disclosure to 1MDB and Global Diversified regarding his assets of up to US$681 million, whether in Malaysia or abroad, in his own name or not, and solely or jointly owned by other defendants.

Plaintiffs 1MDB, 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified filed a suit against Najib, Terrence Geh Choh Heng (former 1MDB financial director), Jasmine Loo Ai Swan (former 1MDB counsel), Casey Tang Keng Chee (former 1MDB executive director), Vincent Beng, Radhi Mohamad (former 1MDB chief operating officer).

Kelvin Tan Kay Jim (former 1MDB investment director) and Nik Faisal Ariff Kamil (former SRC International CEO) are also listed as defendants in the lawsuit.