1MDB’s plea to transfer the $6.5 billion lawsuit is denied by the court.

1MDB’s plea to transfer the $6.5 billion lawsuit is denied by the court.

KUALA LUMPUR: Today, the High Court in this city denied 1Malaysia Development Berhad’s (1MDB) request to remand the $6.59 billion case brought against former Chairman Tan Sri Mohd Irwan Serigar Abdullah and Chief Executive Officer Arul Kanda Kandasamy to a different judge for hearings. The ruling was made in chambers by Judiciary Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan, who also ordered 1MDB to reimburse Arul Kanda and Mohd Irwan for RM4,000 in fees.

Speaking to reporters afterward, lawyer Lavinia Kumaraendran representing Mohd Irwan said that since the application had been rejected, the trial of the case would proceed in September as previously scheduled. Last year, 1MDB had applied for both lawsuits to be heard before the same judge on grounds of merit and similarity in facts.
In May 2021, 1MDB filed a lawsuit against both defendants alleging breach of trust and conspiracy resulting in the company suffering losses amounting to $1.83 billion related to its investments in 1MDB-Petrosaudi Ltd, which was later transferred to Brazen Sky Limited investment, and alleged to be found in the Dana Bridge Global fund. 1MDB also alleged that Arul Kanda and Mohd Irwan misappropriated the company’s funds amounting to $3.5 billion, paid to Aabar Investments, and $1.265 billion paid to the International Petroleum Investment Company (IPIC) on May 9, 2017. 1MDB further alleged that Mohd Irwan colluded with Arul Kanda to cause the company to execute the Employment Continuation Agreement and pay a large sum of RM2,905,200 to Arul Kanda under the agreement without regard to 1MDB’s interests, resulting in it suffering losses and damages.
Therefore, among other claims, 1MDB demanded that both defendants pay $6.59 billion for the violations and an additional RM2.9 million from Mohd Irwan regarding the Employment Continuation Agreement. In 2022, the company also filed an $8 billion lawsuit against former Prime Minister Datuk Seri Najib Tun Razak and seven others. The case was heard before High Court Judge Atan Mustaffa Yussof Ahmad. — BERNAMA

-Agency

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (0)
Disqus ( )