High Court Rejects Bid To Block Na’imah Khalid From Managing Overseas Investment Funds
KUALA LUMPUR: The prosecution’s attempt to obtain a court order preventing the wife of former finance minister Tun Daim Zainuddin, Na’imah Khalid, her children and several other parties from managing investment funds worth approximately RM548 million in Singapore has failed.
High Court judge Datuk Mohd Arief Emran Arifin ruled that the prosecution failed to fulfil the legal requirements under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001).
According to the judge, the court found that the necessary elements required under the provision had not been sufficiently established in the application filed by the prosecution.
“The court finds that the elements under Section 53 were not satisfied and for that reason the application is dismissed,” he said during proceedings at the High Court here today.
The prosecution was represented by deputy public prosecutor Mahadi Abdul Jumaat from the Suruhanjaya Pencegahan Rasuah Malaysia (SPRM).
Meanwhile, Na’imah Khalid, her children and the other respondents named in the application were represented by lawyers Datuk Dr. Gurdial Singh Nijar and Abraham Au.
Apart from Na’imah Khalid, those named in the application included Muhammed Amir Zainuddin and Muhammed Amin Zainuddin, along with two other individuals and five companies.
The ex-parte application filed on June 19 last year sought a court order to prevent all respondents or related parties from managing overseas investment assets involving GBP21 million and US$99 million held in several Singaporean banks.
The application was filed under Section 53 of AMLATFPUAA following investigations conducted under Section 113 of the Income Tax Act and Section 4(1) of AMLATFPUAA.
The case attracted significant public attention due to the large amount of investment funds involved as well as its connection to the family of the late Tun Daim Zainuddin, who previously served as Malaysia’s finance minister.
However, the court held that the prosecution failed to present sufficient legal grounds to justify the issuance of a restriction order involving the overseas investment funds.
The ruling means the respondents are not subject to any temporary restrictions in managing the investment assets held abroad.
