Prime Minister Najib Abdul Razak today sought to strike out a class action suit filed by Pakatan Harapan youth in relation to 1MDB’s settlement payment of US$1.2 billion to International Petroleum Investment Company (IPIC).
The other defendants in the suit, 1MDB and the government, had filed their striking out applications earlier this month.
In the case that came up before Kuala Lumpur High Court today, the defendants claimed that the Harapan Youth group, going by the name Gerakan Anak Muda Tolak Najib (GANT1), does not have legal standing to initiate the suit.
Lawyer Akif Rusli, representing the 10 GANT1 members who filed the suit, said the plaintiffs have until Sep 15 to respond to the striking out application.
The 10 GANT1 members include Parti Amanah Nasional Youth deputy chief Faiz Fadzil, Parti Pribumi Bersatu Malaysia (Bersatu) Youth representative Mahathir Mohd Rais and DAP Socialist Youth (Dapsy) representative Howard Lee.
They are seeking a court order invalidating the settlement agreement between IPIC and 1MDB made at the London International Court of Arbitration in May.
GANT1 also wants to compel Najib, the government and 1MDB to provide detailed accounts on all monies paid to IPIC and Aabar Investment PJS Ltd, which is registered in the British Virgin Islands.
It was reported in April this year that 1MDB and IPIC reached a settlement to pay US$1.2 billion by year end.
According to filings with the London Stock Exchange, IPIC said that the US$1.2 billion will be paid in two equal payments by July 31 and Dec 31 this year, only a part of the US$6.5 billion sought by IPIC.
The settlement discusses funds paid by the 1MDB to “certain entities,” which likely refer to US$3.5 billion payments made by 1MDB to Aabar BVI, which is different from IPIC’s subsidiary Aabar Investments PJS Ltd (headquartered in Abu Dhabi).
Najib, 1MDB and the federal government were represented by Nik Noraisha Alya Hanafi, Cains Tan and senior federal counsel Zuhreen Elina Mohd Dom respectively.
The next case management is scheduled for Oct 10, where it is expected that the court will fix a hearing of the striking out applications before Justice Hue Siew Kheng. - Mkini
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