KUALA LUMPUR (Nov 21): 1Malaysia Development Bhd (1MDB) and its four subsidiaries had last week secured a judgement in default from the High Court here, amounting to billions of dollars, to be entered against fugitive financier Low Taek Jho and two of his family members: his brother Low Taek Szen and their father Tan Sri Larry Low Hock Peng.
The order for judgement to be entered against the trio was made by judge Hayatul Akmal Abdul Aziz between Nov 15 and 17.
A sum of almost US$2.8 billion in judgement was entered on Jho Low alone, while another sum of US$983 million was entered against Jho Low and his father. Separately, Taek Szen was required to come up with US$27.5 million.
The other four subsidiaries of 1MDB are 1MDB Energy Holdings Ltd, 1MDB Energy Ltd (1MDBEL), 1MDB Energy (Langat) Ltd, and Global Diversified Investment Co Ltd (formerly known as 1MDB Global Investments Ltd).
With this judgement dated Nov 15, as sighted by theedgemarkets.com, Jho Low is required:
- to pay a sum of US$657.75 million to 1MDB plus 5% interests annually from Oct 25, 2011, until full settlement
- to pay a sum of US$41 million to 1MDB in addition to 5% interests annually from Dec 20, 2010, until full settlement
- to pay a sum of US$3.5 million to 1MDB plus 5% annual interests from Oct 31, 2010, until full settlement
- to pay a sum of US$1.09 billion plus 5% annual interests to 1MDBEL and 1MDB Energy (Langat) from Dec 14, 2012, until full settlement
- to pay a sum of US$607.897 million in addition to 5% annual interests to Global Diversified Investments from March 22, 2013, until full settlement
- to pay a sum of US$2 million in addition 5% annual interests to Global Diversified Investments from Dec 26, 2013, until full settlement, and
- to pay a sum of US$397.333 million plus 5% annual interest a year to 1MDBEL from Nov 7, 2014, until full settlement.
Besides this, Jho Low and Hock Peng are liable to pay:
- to pay US$327.75 million to 1MDB in addition to 5% interests a year from Nov 5, 2012, until full settlement
- to pay US$629.602 million to Global Diversified Investments with 5% interests from Feb 4, 2014, until full settlement
- to pay US$25.5 million to Global Diversified Investments plus 5% interests from Feb 4, 2014, until full settlement.
Meanwhile, Taek Szen is required:
- to pay US$2 million plus 5% interests to Global Diversified Investments from Dec 26, 2013, until full settlement, and
- to pay US$25.5 million including 5% interests annually to Global Diversified Investments from Feb 4, 2014.
Besides this, all three are required to pay costs of the action.
The outcome of the judgement in default entered against them was confirmed by 1MDB’s counsel Siva Kumar Kanagasabai, who is from Messrs Skrine, to theedgemarkets.com.
The judgement was entered on Jho Low and Hock Peng, after the High Court rejected their defence after their initial law firm representing them had withdrawn itself, while Taek Szen had failed to enter an appearance in the matter.
In March, 1MDB and the four companies obtained an ex-parte Mareva injunction (asset-freezing order) against Jho Low and Hock Peng in a bid to freeze and recover US$1.432 billion of assets, and this order was further affirmed by the High Court on May 25.
Last month, Hayatul Akmal also ordered Jho Low and Hock Peng to prison for not abiding by the Mareva injunction.