KUALA LUMPUR - The court proceedings for the US$8 billion civil suit by 1Malaysia Development Bhd (1MDB) and its four subsidiaries against Datuk Seri Najib Razak and seven others has been put on hold until the former prime minister’s criminal case related to 1MDB is concluded.
Najib’s counsel Tan Sri Muhammad Shafee Abdullah, told reporters that this was after all the parties involved reached a mutual agreement to stay the proceedings.
"As such, Datuk Seri Najib’s application for a stay of proceedings in the civil suit is withdrawn,” he told reporters after attending Najib’s application to stay proceedings before High Court Judicial Commissioner in chambers today.
The matter was confirmed by lawyer Datuk DP Naban representing 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, as the plaintiffs.
All the companies filed the civil suit on May 7, 2021, and named Najib; former 1MDB finance director Terrence Geh Choh Heng; former counsel Jasmine Loo Ai Swan; former executive director Casey Tang Keng Chee; former chief investment officer Vincent Beng Huat Koh; former chief operating officer Radhi Mohamad; former investment director Kelvin Tan Kay Jim; and former SRC International Sdn Bhd chief executive officer Nik Faisal Ariff Kamil, as defendants.
This was one of the 22 civil suits filed to claim over US$23 billion on behalf of 1MDB and its former subsidiary SRC International Sdn Bhd against several individuals allegedly involved in the financial scandal.
In the writ of summons, all plaintiffs among others claimed that the defendants had committed a breach of trust, breach of statutory duty, abuse of power, and conspired and misappropriated 1MDB funds.
Najib, 68, who is Pekan Member of Parliament, faces four charges of abusing his position to corruptly obtain RM2.3 billion from 1MDB and 21 money laundering charges involving the same funds.
Najib is also being tried with former 1MDB chief executive officer Arul Kanda Kandasamy for alleged tampering of the 1MDB final audit report. - BERNAMA