1mdb Accuses Najib Of Failing To Fully Disclose Assets To Court

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Former prime minister Najib Abdul Razak was accused of making a partial disclosure of his assets in the hearing of the suit against him brought by 1MDB.
According to the affidavit filed by 1MDB chairperson Johan Mahmood, Najib declared RM1,010,258.62 in his bank accounts which did not include the RM114 million in cash released by the court in 2021.
The RM114 million was released following the dismissal of the government's 1MDB-linked forfeiture suit against Najib.
Johan's affidavit also read that there were discrepancies between Najib's declaration and the one made for a separate suit brought by SRC International Sdn Bhd.
Therein, Najib (above) had declared assets worth RM4.49 million and an income of RM587,334 for the year 2020.
Najib was ordered to declare his assets by the High Court when granting 1MDB an Mareva injunction to prevent him from dissipating US$681 million in assets.
Both 1MDB and SRC are suing Najib over alleged defrauding of the entities, which are fully owned by the Minister of Finance Incorporated (MOF). Both companies were set up when Najib was the finance minister.
In his affidavit, Johan also accused Najib of only disclosing his assets related to the period from 2011 to 2020.
"There is no disclosure in relation to his assets in 2021 and up to March 14, 2022.
"DSNR (Najib) did not disclose any assets outside of (Malaysia's) jurisdiction," said Johan.
Today was initially set for hearing of Najib's application to lift the Mareva injunction against him.
Muhammad Shafee AbdullahHowever, the civil court had allowed an application by Najib's counsel Muhammad Shafee Abdullah to postpone the hearing to July 14, so that the former premier’s legal team can prepare a response to Johan's affidavit.
1MDB and its four subsidiaries are suing Najib and several other defendants for RM23 billion.
The fund’s four subsidiaries are 1MDB Energy Holdings Limited, 1MDB Energy Limited, 1MDB Energy (Langat) Limited, and British Virgin Islands-based Global Diversified Investment Company Limited (previously known as 1MDB Global Investments Limited).
In total, 1MDB and its former subsidiary SRC International launched 22 civil suits in 2021, targeting those who purportedly defrauded the two government-owned entities, whether knowingly or unknowingly.
Najib is currently serving a 12-year jail sentence in relation to a corruption case involving RM42 million of funds from SRC International, which used to be a subsidiary of 1MDB. - Mkini

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