The 1MDB has turned to the Malaysian civil court to compel Petrosaudi International Ltd's (PSI) chief investment officer Patrick Andrew March Mahony (Patrick Mahony) and a United Kingdom-based law firm to return US$1.83 billion of its funds invested in a 2009 joint venture.
The Malaysian sovereign wealth fund filed the writ of summons at the Kuala Lumpur High Court on May 7, naming the British national and White & Case LLP as the first and second defendants.
According to the lawsuit's statement of claim sighted by Malaysiakini, 1MDB alleged that it was misled about PSI being owned by the late ruler of Saudi Arabia, Abdullah, which caused the fund to agree to enter into the joint venture with PSI.
The plaintiff claimed Mahony knowingly participated in the scheme to defraud it out of substantial sums.
Among the reliefs sought by 1MDB is an order for Mahony to repay the US$1.83 billion to the fund.
The plaintiff also seeks a declaration that White & Case is liable to account for the same sum as a constructive trustee for 1MDB, on grounds of alleged dishonest assistance.
Other trials
When contacted, 1MDB's counsel Kwan Will Sen confirmed that the civil action is fixed for online case management before the High Court tomorrow.
He added that 1MDB will attempt to serve the civil action's cause papers on the two defendants.
The 1MDB also has a pending civil action before the Kuala Lumpur High Court against former prime minister Najib Abdul Razak over alleged involvement in the US$1.83 billion investment in the joint venture.
The former finance minister is serving a six-year jail sentence over a separate criminal case involving RM42 million of funds from 1MDB's former subsidiary, SRC International.
SRC later became fully owned by the Minister of Finance Incorporated (MOF Inc), which also fully owned 1MDB.
Before the Kuala Lumpur High Court, Najib is also on trial over an abuse of power and money laundering criminal case involving RM2.27 billion from 1MDB.
Mahony and his alleged business partner, Saudi-Swiss businessperson Tarek Obaid, are on trial before the Swiss criminal court over the alleged embezzlement of US$1.8 billion from 1MDB. - Mkini
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