1MDB suit: US$1.4b injunction against Jho Low, father remains

Fugitive businessperson Low Taek Jho (also known as Jho Low) and his father Larry Low Hock Peng, are still required by the court to desist from dissipating 1MDB-linked assets of US$1.4 billion in Malaysia.

The Kuala Lumpur High Court today dismissed the father-son’s application to set aside the Mareva injunction.

Judge Hayatul Akmal Abdul Aziz also ordered the duo to pay RM5,000 in costs to 1MDB and its subsidiary, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited).

Back on March 15, the court allowed a Mareva injunction by 1MDB and its subsidiary against Jho Low, his father as well as several other individuals.

Later on March 29, the court allowed an application by the two plaintiffs for an ad-interim injunction to restrain the father and son from dissipating the assets.

Quash restraining order

However, today was set for inter-partes (lawyers from both sides being present) of the application by Jho Low and his father to quash the restraining order.

A Mareva injunction is an interim order to restrain the defendants from disposing of assets until the final disposal of the main civil suit.

The injunction also limits Jho Low and his father’s monthly spending to no more than RM20,000 each for living and legal expenses. If they need more, they are required to get prior written approval from lawyers for 1MDB and Global Diversified.

When contacted this afternoon, the two plaintiffs’ counsel Siva Kumar Kanagasabai confirmed the outcome of the proceedings.

He said that the court has ordered Jho Low and his father to make a written disclosure of the assets and whereabouts within 14 days of being served a copy of today’s ruling.

Order to be served

Siva Kumar said that the court directed a copy of today’s order to be served on the duo’s last known address at Tanjung Bungah, Georgetown, Penang, as well as on their lawyers on record.

“If D1 and D3 (first defendant Jho Low and third defendant Hock Peng) do not comply with the inter-partes Mareva disclosure orders, they are debarred from being heard in these proceedings, their defence would be struck out, and P1 and P5 (first plaintiff 1MDB and fifth plaintiff Global Diversified) are at liberty to apply to enter judgment against them,” the counsel said.

On May 7, 2021, 1MDB and its four subsidiaries - Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited - filed a US$3.7837 billion lawsuit against Jho Low; his father; his mother Goh Gaik Ewe; sister May Lin; younger brother Taek Szen and alleged associate Eric Tan Kim Loong.

The suit was part of the 22 civil actions by 1MDB and its former subsidiary SRC International that was launched last year.

The various lawsuits targeted those who purportedly defrauded the two government-owned entities, whether knowingly or unknowingly. - Mkini