1mdb Suit Against Riza Set For Full Trial Next Year

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Malaysian sovereign wealth fund 1MDB’s US$248 million lawsuit against Hollywood film producer Riza Shahriz Abdul Aziz and his two companies will come up for full court hearing in October and November next year.
When contacted, Riza’s counsel Desmond Low confirmed the full trial dates before judge Raja Ahmad Mohzanuddin Shah Raja Mohzan.
The lawyer said that the trial dates are Oct 16 to 18, Oct 21 to 25, and Oct 28 to Nov 1, and Nov 4, 2024.
Low was speaking after attending case management of the civil action before Raja Ahmad Mohzanuddin earlier this morning.
Riza’s two companies are Red Granite Pictures Incorporated and Red Granite Capital Limited.
On May 7, 2021, 1MDB and its subsidiaries filed the lawsuit against Riza (above) and his two companies for purportedly receiving US$248 million (about RM1.08 billion) in funds that they allegedly misused for personal gain, including by financing film production and buying up various properties.
Misappropriated funds
The plaintiffs alleged that due to Riza managing both firms, he would know that the funds originating from 1MDB had been misappropriated.
They are seeking, among others, a declaration that Riza is responsible for the misappropriated funds and to pay back the money to them.
Through his statement of defence, Riza claimed that the money was received from a loan from Saudi royalty or the International Petroleum Investment Company (IPIC) and not from 1MDB.
The defendant claimed that it was hard for an unknown film producer to obtain loans from commercial banks and that had compelled him to seek funding from individuals or companies.
On Aug 5 last year, the High Court in Kuala Lumpur allowed 1MDB’s application to obtain documents in the suit against Riza.
The Malaysian sovereign wealth fund was seeking documents regarding the receipt and use of US$10,173,104 by Red Granite Pictures and US$238 million by Red Granite Capital Limited.
Criminal case
Besides 1MDB, the other three plaintiffs are its subsidiaries, namely 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited.
In May 2020, the criminal court granted Riza a discharge not amounting to an acquittal (DNAA) for money laundering involving US$248 million linked to 1MDB funds.
The DNAA is only for the criminal case, which is separate from the present ongoing civil action by 1MDB against him.
Riza is the stepson of former prime minister Najib Abdul Razak, who is currently serving a 12-year jail sentence over the RM42 million SRC International corruption case.
Previously a subsidiary of 1MDB, SRC International's ownership was later fully transferred to the Minister of Finance Incorporated (MOF Inc). Najib also used to be finance minister. - Mkini

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