MACC obtains court order blocking access to 1MDB-related US$340 million funds

PUTRAJAYA - The Malaysian Anti-Corruption Commission (MACC) has successfully obtained a prohibition order to prevent certain parties from accessing assets worth US$340 million, linked to 1Malaysia Development Bhd (1MDB) funds, currently held by the UK Court Funds Office in the United Kingdom.

The MACC said that High Court Judge Datuk Ahmad Shahrir Mohd Salleh granted the prohibition order on Dec 10, after finding the prosecution's evidence sufficient to establish a link between the funds and money laundering activities.

"This order also bars Petrosaudi International Ltd (PSI) chief executive officer Tarek Obaid from accessing the funds," the MACC said in a statement, today.

The prohibition order was issued under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLTFPUAA 2001), following a prosecution application filed in 2020.

On March 13 this year, the MACC also secured a prohibition order on 41 pieces of jewellery, valued at 9.417 million pounds sterling, in Hong Kong and belonging to Tarek Obaid. - BERNAMA