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Tuesday, August 22, 2017

1MDB, gov't move to strike out Ezam's US$3.66b suit



1MDB, its directors, former directors and treasurer-general Mohd Irwan Serigar Abdullah have filed striking out applications on a US$3.66 billion suit filed by former senator Mohd Ezam Mohd Noor in the High Court in Kuala Lumpur.
Prime Minister Najib Abdul Razak had also filed a similar striking out application on the suit last month.
Ezam's lawyer Farez Jinnah told reporters that all these defendants filed their striking out applications and a stay of proceedings on Ezam's suit today, pending the hearing of the striking out application.
“Following this, the judge, Justice Nik Hasmat Nik Mohamad, fixed Oct 9 for further case management,” Farez said.
The parties had earlier met Justice Nik Hasmat in her chambers.
On July 14, Najib's lawyers, led by Mohd Hafarizam Harun, filed the prime minister's striking out application and a stay of proceedings.
Hafarizam had then indicated that the other defendants would file similar applications.
Ezam, a former PKR Youth leader who later joined Umno and then left the party, had filed his suit against Najib on April 14, in Najib's capacity as finance minister and chief executive of the government.
He also named 15 others as defendants, including Irwan, 1MDB president Arul Kanda Kandasamy, two current and nine former 1MDB directors and the government.

The present directors of 1MDB are Kamal Mohd Ali and Norazman Ayob while the former directors are Che Lodin Wok Kamaruddin, Ismee Ismail, Ong Gim Huat, Shahrol Azral Ibrahim Halmi, Ashvin Jethanand Valiram, Mohd Hazem Abd Rahman @ Mohamed, Mohd Bakke Salleh, Azlan Mohd Zainol and Tengku Rahimah Al-Marhum.
The former directors were appointed between 2009 and 2012.
Ezam in his suit claims that Najib and the nine former 1MDB directors were in breach of fiduciary duty, and he further alleged that the 10 acted in concert, caused or produced the sum of US$3.66 billion to be paid out to persons who were not entitled to receive the money.
The US$3.66 billion in total sum, Ezam claimed as a taxpayer, came from US$1.03 billion transferred to Good Star Ltd and used for a joint venture with PetroSaudi International Ltd, US$1.367 billion paid to Aabar BVI and US$1.26 billion paid to Tanore Finance Corporation (TFC). -Mkini

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