27-9-2023 (KUALA LUMPUR) The High Court in Kuala Lumpur has rejected former Prime Minister Datuk Seri Najib Razak’s attempt to overturn the Mareva injunction imposed on assets worth USD 681 million connected to 1Malaysia Development Berhad (1MDB) and one of its subsidiaries.
High Court Judge Atan Mustaffa Yussof Ahmad delivered the ruling on Wednesday (Sept 27).
A Mareva injunction is a court order that prevents a party from disposing of any assets while legal proceedings are ongoing.
The injunction further restricted Najib from making withdrawals exceeding RM 100,000 per month for living expenses and legal fees. If he required funds beyond this amount, Najib would be required to obtain written permission from 1MDB and Global Diversified counsels.
Additionally, the court mandated that Najib must provide a written disclosure to 1MDB and Global Diversified regarding his assets, whether in Malaysia or abroad, totaling up to USD 681 million. This includes assets held in his name or jointly owned by other defendants.
On February 8 last year, the court granted an ex-parte application for the Mareva injunction filed by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited). Both entities serve as the first and second plaintiffs in the 1MDB lawsuit against Najib and several other individuals.
