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Monday, May 10, 2021

1MDB, SRC file lawsuits against alleged perpetrators who defrauded them


1MDB and its former subsidiary SRC International Sdn Bhd have filed a string of civil suits against various personalities who have been accused of defrauding the state-owned firms.

They also took legal action against entities that may not have perpetrated the fraud but were involved in the process - knowingly or unknowingly.

The suits were filed last Friday through three law firms, namely Rosli Dahlan Saravana Partnership (RDS), Skrine & Co, and Lim Chee Wee Partnership, according to The Edge Markets.

The suit is seeking around US$23 billion (RM94.4 billion) from the respondents.

Among those named included ex-prime minister Najib Abdul Razak, ex-1MDB chairperson Che Lodin Wok Kamaruddin, and ex-1MDB CEOs Shahrol Azral Ibrahim Halmi, Mohd Hazem Abdul Rahman, and Arul Kanda Kandasamy.

Several family members of fugitive businessperson Low Taek Jho were also named, including his father Larry Low Hock Peng and sister Low May Lin. His associates Eric Tan Kim Loong and Tarek Obaid, who is also the PetroSaudi International Ltd founder, were also named.

Some entities named were Deutsche Bank (Malaysia) Ltd as well as Swiss-based Coutts & Co Ltd and JP Morgan (Switzerland) Ltd.

Former prime minister Najib Abdul Razak

The report, quoting a source familiar with the suits, said the criminal cases in the 1MDB scandal were proceeding too slowly and the civil suits will demonstrate Prime Minister Muhyiddin Yassin's seriousness in the issue.

Najib was on July 27 last year sentenced to 12 years in prison and an RM210 million fine for abuse of power, criminal breach of trust, and money laundering involving RM42 million from SRC International Sdn Bhd.

Najib is appealing the case and the matter is now at the Court of Appeal. His 1MDB-related charges are still at the High Court. - Mkini

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