Forfeiture Suit Hearing Against Petrosaudi Postponed To Nov 10

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The Kuala Lumpur High Court has postponed the hearing of the government’s US$340 million 1MDB-linked forfeiture suit against PetroSaudi International Limited and four others from Oct 5 to Nov 10.
Judge Mohd Nazlan Mohd Ghazali today allowed the postponement due to "new development where parties need to review their respective position and take instruction".
The court was informed of this by counsel Alex Tan, who is acting for PetroSaudi Oil Services (Venezuela) Limited (POSL), one of the respondents in the forfeiture suit, during open-court proceedings this morning.
Aside from PetroSaudi International and POSL, the other respondents are Petrosaudi International’s director Tarek Obaid (below), Clyde & Co LLP and Temple Fiduciary Services Limited (TFSL).
Today was initially set for the hearing of the main forfeiture suit against the five respondents.
Tan, during proceedings today, however, did not specify what exactly is the new development that led to the application to postpone the hearing from Oct 5 to Nov 10.
Tan informed the court that both parties have agreed to seek a new hearing date on Nov 10, and deputy public prosecutor Budiman Lutfi Mohamed confirmed that the prosecution has no objection to the postponement bid.
Nazlan then asked Tarek’s counsel Zainal Yusof Abiden whether they are taking the same position, and Zainal replied: "(We are of the) Same position. The development that my colleague (Tan) mentioned involves my client (Tarek)."


Nazlan then allowed the postponement application and fixed Nov 10 for a new date to hear the main forfeiture suit.
On July 14, the Malaysian government filed the main forfeiture suit to recover US$340 million allegedly from 1MDB.
In its application filed on July 10, the government claimed that the amount totalling US$340,258,246,87 at Clyde & Co LLP owned by PetroSaudi International and its subsidiary PSOL was derived from money-laundering.
The application was filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, among others.
PetroSaudi International was formerly a joint-venture partner of 1MDB.

The joint-venture deal was alleged to have been a front to siphon 1MDB funds, according to the US Department of Justice. - Mkini

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