KUALA LUMPUR: The High Court was told today that Petrosaudi International Ltd director Tarek Obaid had absolute control over the company’s accounts and purportedly caused some US$120 million from a joint venture between 1Malaysia Development Bhd and PSI to be transferred into an escrow account.
Deputy public prosecutor Budiman Lutfi Mohamed said Obaid was at all material times the one who had ultimate control of the Petrosaudi accounts including the transfers of the funds, as he was the authorised signatory for these accounts.
“Obaid’s name was not only listed as the director and authorised signatory for these companies, but his name also appeared to be on its accounts beneficial owner identity.
“The averments made by one of the case investigating officers in his affidavit also asserted that Obaid had, and continued to have, a firm control of all entities under Petrosaudi group of companies,” said Budiman.
Budiman was making a submission on the government’s application to block Obaid, PSI and its subsidiary PetroSaudi Oil Services (Venezuela) Ltd from using over US$340 million linked to 1MDB which was kept in an escrow account at a UK law firm, Clyde & Co.
On July 16 last year, the court granted the government’s application for an interim order to block the parties from moving the money linked to 1MDB.
The interim order is to maintain the status quo of the parties until the disposal of the government’s prohibition application to seek an order to restrain any dealings on the money.
Besides the US$340 million, the government is also seeking unspecified money that was deposited under an intermediate account name, Temple Fiduciary Services Ltd, at Barclays Bank in the UK.
The application named Obaid, PSI, PSOS-VZ, Clyde & Co and Temple Fiduciary as the first to fifth respondents.
The submission before Justice Ahmad Shahrir continues on Thursday. - FMT
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