1MDB and its four subsidiaries agreed to discontinue their USD5.64 billion civil suit against former CFO Radhi Mohamad with no liberty to file afresh.
KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) and its former chief financial officer (CFO) Radhi Mohamad have struck a deal today to withdraw the USD5.64 billion civil suit against him, with both parties agreeing to record a consent order in court.
1MDB counsel Lee Shih confirmed that Radhi, 55, and the plaintiffs, 1MDB and its four subsidiaries, had reached an agreement on the terms of the consent order and would file it in court today.
“My Lord, I can confirm that the plaintiffs and the sixth defendant would like to record a consent judgment or consent order today.
“Under the consent order, the suit against Radhi would be discontinued, with no liberty to file afresh,” he submitted.
The matter was subsequently confirmed by Radhi’s lawyer Datuk M. Reza Hassan.
After hearing submissions, High Court Judicial Commissioner Mohamad Redzuan Idrus ruled that the sixth defendant should be struck out as a co-defendant in the proceedings.
“Much obliged to all the parties for taking the time to settle this matter,” he said.
The trial for the USD5.64 billion suit entered its eighth day today, with three witnesses for the plaintiffs having taken the stand so far.
The afternoon session of the proceedings was resumed with former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi reading his witness statement.
1MDB and its subsidiaries – 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited and Global Diversified Investment Company Limited, formerly known as 1MDB Global Investments Limited – filed the civil suit on May 7, 2021.
They named former prime minister Datuk Seri Najib Tun Razak, 1MDB’s former finance director Terrence Geh Choh Heng, former executive director Casey Tang Keng Chee, former chief investment officer Vincent Beng Huat Koh, Radhi, former investment director Kelvin Tan Kay Jim, and former chief investment officer Nik Faisal Ariff Kamil, as defendants.
The writ of summons stated that the plaintiffs, among other things, accused the defendants of breach of trust, breach of statutory duty, abuse of power and conspiracy to misappropriate 1MDB funds.
The trial resumes on Monday.
