KUALA LUMPUR (March 16): The High Court (civil division) on Tuesday (March 15) granted a Mareva injunction sought by 1Malaysia Development Bhd (1MDB) and its four subsidiaries to bar a total of US$1.432 billion from being transferred or dissipated by fugitive businessman Low Taek Jho (aka Jho Low) and his father Tan Sri Larry Low Hock Peng from Malaysia or elsewhere.
This is the second Mareva injunction granted to 1MDB. The first, which was granted on Feb 8, was against former prime minister Datuk Seri Najib Razak where he or his agents are prohibited by the court from transferring a sum of US$681 million of his assets.
The second order was granted by Justice Hayatul Akmal Abdul Aziz on Tuesday afternoon, with the sealed order issued by the court on Wednesday.
theedgemarkets.com understands that an ex-parte application was filed by 1MDB and its four subsidiaries 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, Global Diversified Investment Co Ltd (previously known as 1MDB Global Investments Ltd) and 1MDB Energy (Langat) Ltd on Monday (March 14) through Messrs Skrine, where they sought to prohibit a sum of US$1.0305 billion from being transferred by Jho Low and to bar another sum of US$401.5 million from being transferred by Hock Peng or by their agents or nominees of assets held in Malaysia and anywhere in the world.
In addition, the duo were required by Justice Hayatul Akmal to also disclose to the court and 1MDB's solicitors their current residential addresses, precise whereabouts, email addresses and their contact details in writing through an affidavit.
A certificate of urgency was filed by Skrine for the application to be heard on Tuesday.
The company claimed that the sum was traceable to both Jho Low and his father. They are alleged to have knowingly received, or been involved in fraudulent misappropriation, unjust enrichment, constructive trust and conspiracy of the companies' assets.
“Based on the complicated, sophisticated (intricate) and illegal transactions, that Jho Low and Hock Peng had jointly participated in to achieve their deceptive intentions of hiding the assets, this court should hence prevent them from disposing of and concealing their current assets globally.
“Furthermore, given the global scale of fraud and dishonesty performed by Jho Low and his father where their whereabouts are unknown, and information is limited on assets belonging to Hock Peng in Malaysia, which may not be sufficient to satisfy the judgment against him, and the assets against Jho Low is also unknown, there is an urgent need to prevent them from taking action to dispose [of] the assets through the Mareva injunction,” the company said in the ex-parte application.
However, the amount of US$1.035 billion differs slightly from the testimony that was given in the Roger Ng trial in the United States, where Federal Bureau of Investigation agent Eric Van Dorn testified on Monday (March 14) that Jho Low allegedly stole US$1.42 billion.
Reveal those valued assets within 14 days
A 358-page affidavit in support of the application was affirmed by 1MDB director Datuk Shamsul Azri Abu Bakar, who is also the Finance Ministry division secretary for government-linked investments.
In the application and documents sighted by theedgemarkets.com, 1MDB noted that Jho Low and Hock Peng are said to be highly wanted fugitives who have disappeared from Malaysia to avoid being compelled to answer the various criminal charges against them.
“The Malaysian Sessions Court has issued warrants of arrest against them in 2018, in relation to charges under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 for receiving and transferring funds obtained from money-laundering activities.
“Interpol has issued a ‘Red Notice’ for the purposes of tracking and capturing them and bringing them back to face the criminal charges against them,” the application said.
In addition, Jho Low and Hock Peng are required by the court to furnish within 14 days of the order the details of the assets of the said amount of US$1.0305 billion and US$401.5 million respectively to the court, whether they are held locally or abroad.
Besides this, both Jho Low and Hock Peng are only allowed to withdraw RM20,000 monthly from their accounts for their expenses.
The companies had named Jho Low, Hock Peng, his wife Puan Sri Goh Gaik Ewe, along with Jho Low's associate Eric Tan Kim Loong and two of the financier's siblings May Lin and Taek Szen as defendants in the suit.
The companies are also seeking US$3.5 million allegedly received by May Lin and US$27.5 million allegedly received by Taek Szen, in addition to US$1.695 million worth of jewellery from Goh.
The plaintiffs are seeking a return of the funds in addition to damages to be assessed by the court.
On Jan 5, Jho Low, Hock Peng and Goh had entered an appearance and were represented by Messrs Valen & Oh.
Datuk D.P. Naban, Siva Kumar Kanagasabai, Foo Siew Li, Kong Xin Qing, Jeremiah Ch’ng, Tommy Lim Ka Hui, Vimal Sharrma Palani, and Adam Thye Yong Wei appeared for 1MDB.