KUALA LUMPUR (April 14): In an about-turn, Messrs Valen, Oh & Partners has filed an application to the High Court to discharge itself from representing fugitive financier Low Taek Jho, better known as Jho Low, and his father Tan Sri Low Hock Peng, in the ongoing 1Malaysia Development Bhd (1MDB) suit against them.
The firm said its appointment has been terminated by Kobre & Kim LLP as the instructing solicitors on the matter.
The hearing of their application, which was submitted on April 8, has been fixed for May 12 following case management on the matter on Thursday.
1MDB and four of its subsidiaries are suing Low, his father, his mother Puan Sri Goh Gaik Ewe, as well as his sister May Lin and brother Taek Szen, along with his associate Eric Tan Kim Loong for a total of US$3.78 billion.
It was reported on Jan 5 that Messrs Valen, Oh & Partners would represent Low, his father and his mother, Goh in the suit. It is understood that the law firm is not discharging itself from representing Goh.
The subsidiaries in this suit are 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Co Ltd (formerly 1MDB Global Investments Ltd).
In its original writ filed in May 2021, 1MDB and its subsidiaries sought a claim of US$1.4 billion against Jho Low, Hock Peng, May Lin and Tan. In July 2021, 1MDB amended its writ to include Jho Low's mother and brother, for a revised total claim of US$3.78 billion against the six defendants. Besides the return of the funds, the plaintiffs are seeking damages to be assessed by the court.
On March 15, 1MDB obtained a Mareva injunction against Jho Low and Hock Peng that prevents them from disposing of or transferring or dissipating US$1.432 billion of funds said to be related to 1MDB. This US$1.432 billion is part of the US$3.78 billion the fund is seeking to claim from the six defendants.
In his statement of defence against 1MDB's suit, Jho Low said he was never a director, shareholder, part of the management or board of advisers in 1MDB or its four subsidiaries, and that he has no legal standing to exercise control over the plaintiffs.
He also said the civil suit was redundant following a "global, comprehensive resolution" between him and the US Department of Justice reached in 2019, which he said had absolved him of any claims of wrongdoing in the 1MDB scandal.
However, the US DOJ, in its press statement at the time, had stressed that the settlement with Jho Low to recover more than US$700 million worth of assets acquired by him and his family using funds allegedly misappropriated from 1MDB did not release any entity or individual from filed or potential criminal charges.