The Court of Appeal has scheduled October 15 for the hearing of former Prime Minister Datuk Seri Najib Razak’s appeal to overturn a Mareva injunction that restricts him from disposing of or diminishing the value of any assets in Malaysia, which amount to a staggering US$681 million. This legal move marks the latest development in the ongoing litigation involving the disgraced ex-premier.
Siva Kumar Kanagasabai, the legal representative for 1Malaysia Development Berhad (1MDB) and its four subsidiaries—1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited, and Global Diversified Investment Company Limited confirmed the date of the hearing when contacted by Bernama. This hearing is part of a broader legal battle initiated by 1MDB and its subsidiaries to reclaim funds allegedly siphoned from the sovereign wealth fund during Najib's tenure as Prime Minister.
The legal saga began in May 2021, when 1MDB, alongside its subsidiaries, filed a lawsuit against Najib and several other key figures. Among the other defendants in the case are Terrence Geh Choh Heng, the former finance director of 1MDB; Jasmine Loo Ai Swan, former 1MDB counsel; Casey Tang Keng Chee, former executive director of 1MDB; Vincent Beng; and Radhi Mohamad, who previously served as 1MDB’s chief financial officer and later as chief operating officer. The suit is part of a concerted effort by 1MDB to recover billions of dollars allegedly misappropriated from the fund.
On February 8, 2022, the High Court issued an ex-parte Mareva injunction against Najib, effectively freezing his assets. This injunction was a strategic move by 1MDB and its subsidiaries to prevent Najib from disposing of assets that might be needed to satisfy any future judgment in the ongoing civil suit. Later, on September 27 of the same year, the High Court upheld the injunction following an inter partes hearing, where arguments from both sides were heard. However, Najib promptly appealed this decision, leading to the upcoming Court of Appeal hearing.
The Mareva injunction, which remains in effect, not only freezes Najib’s assets but also imposes strict limitations on his financial activities. Under the terms of the injunction, Najib is permitted to withdraw no more than RM100,000 per month for living and legal expenses. Should he require additional funds beyond this limit, he must first obtain written permission from the legal representatives of 1MDB and its subsidiaries.
A Mareva injunction is a powerful legal tool used to prevent a defendant from disposing of assets before a final court ruling is made. It ensures that there are sufficient assets available to satisfy a judgment if the plaintiff wins the case. In Najib
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