Prohibition order issued on Tarek Obaid, 2 others over jewellery worth RM52mil

Tarek Obaid is the chief executive of PetroSaudi International Ltd, which previously entered into a joint venture with 1MDB. (AFP pic)

KUALA LUMPUR: 

The High Court today granted a prohibition order against PetroSaudi chief executive Tarek Obaid and two companies, preventing them from dealing with 41 pieces of jewellery linked to 1MDB worth over £9 million (RM51.57 million).

Justice K Muniandy allowed the application by deputy public prosecutor Mahadi Abdul Jumaat against Tarek, whose real name is Tarik Essam Ahmad Obaid, London-based jewellery company SJ Phillips Limited, and Malca-Amit Far East Limited which operates a vaulting facility in Hong Kong.

The applications were made under Section 41 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 and Section 28 of the Malaysian Anti-Corruption Commission Act 2009.

The order seeks to prevent the two companies from engaging in any transactions involving the jewellery, including transferring, selling, or forfeiting the items. - FMT

MORE TO COME