Aug 4 for court decision on 1MDB's bid to obtain documents in Riza suit

 

The High Court today set Aug 4 to deliver its decision on the application by 1MDB and three of its subsidiaries to obtain documents in the US$248 million suit against Hollywood film producer Riza Aziz and two of his companies for allegedly misusing the strategic investment company’s funds.

Counsel Hariharan Tara Singh representing defendants Riza Shahriz, Red Granite Pictures Incorporated and Red Granite Capital Limited, said judge Amarjeet Singh set the date after hearing arguments from both parties.

“The decision will be delivered via email,” he said when met by reporters, while the plaintiffs’ counsel Rabindra S Nathan confirmed the matter.

1MDB, and its subsidiaries, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited, filed the application on Jan 28, seeking documents including correspondence between fugitive businessman Low Taek Jho or Jho Low and Riza and documents relating to the receipt and use of US$10,173,104 in funds by Red Granite Pictures and US$238 million by Red Granite Capital.

Based on supporting affidavits in the application, 1MDB director Mohd Hisyamuddin Awang Abu Bakar said the documents would assist the plaintiffs in proving their claim and enable them to obtain further information to support their claims in the suit.

According to an affidavit in reply, Riza said he was advised by lawyers and firmly believed the documents sought by the plaintiffs were only fishing for further information.

On May 7, 2021, 1MDB and its subsidiaries filed sued Riza and his two companies for allegedly receiving around US$248 million in funds that they misused for their personal gain, including financing a film and to purchase various properties.

They also claimed that since Riza managed both companies, he would know that the money originating from 1MDB had been misappropriated for their gain.

The plaintiffs, therefore, are seeking a declaration that Riza is responsible for the misappropriated funds and to demand repayment.

Riza, in his defence, claimed that the funds were obtained from a loan from the Saudi royal family or International Petroleum Investment Company and not from 1MDB funds, adding that it was hard for an unknown film producer to obtain loans from banks and that had compelled him to seek funds from individuals or companies.

- Bernama