1mdb And Src File Multibillion Dollar Civil Suits Against Those Alleged To Be Responsible For Fraud

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A source familiar with the suits told The Edge that the suits were filed after achieving settlement with Goldman Sachs, AmBank and Deloitte to show that the government is serious about pursuing the recovery of the money siphoned from 1MDB.
(The Edge Prop) – Three law firms have filed a plethora of 21 civil suits to claim billions of US dollars on behalf of state-owned 1Malaysia Development Bhd (1MDB) and its former subsidiary SRC International Sdn Bhd.
The firms of Rosli Dahlan Saravana Partnership (RDS), Skrine & Co and Lim Chee Wee Partnership filed the suits last Friday in the High Court in Kuala Lumpur and the Sessions Court in Shah Alam.
Various claims were made against individuals like former premier Datuk Seri Najib Razak, former 1MDB office bearers like Tan Sri Che Lodin Wok Kamaruddin, and former chief executive officers (CEOs) of 1MDB Datuk Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman.
A total of five suits were filed by 1MDB and its subsidiaries, while another 16 were made by SRC.
Also named in the suits are fugitive businessman Low Taek Jho (Jho Low), his father Tan Sri Larry Low Hock Peng, sister Low May Lin and Jho Low’s close associate Eric Tan Kim Loong.
Foreign financial institutions like Deutsche Bank (Malaysia) Ltd, as well as Swiss-based Coutts & Co Ltd and JP Morgan (Switzerland) Ltd were also named, along with PetroSaudi International Ltd and its founder Tarek Obaid.
All in all, 1MDB and SRC are seeking a total in excess of US$23 billion (about RM94.43 billion) and another RM300 million against those alleged domestic recipients of siphoned funds from SRC and 1MDB.
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