High Court Allows Psi S Subsidiary S Request For Release Of Us 1 357m

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The US$1.357 million out of US$340.26 million kept in a London law firm can now be released to PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ) after the Kuala Lumpur High Court today allowed the company’s application to amend an interim order which prohibited it from moving the monies to other entities
The monies were said to be linked to 1Malaysia Development Berhad (1MDB). The funds, which belong to PSOS, are currently in an escrow account held by Clyde & Co LLP in the United Kingdom
Judge Mohd Nazlan Mohd Ghazali made the ruling after lawyer Alex Tan, representing PSOS-VZ, said a court in London had allowed provisions to be made regarding the payment of business expenses and legal fees
“And also after considering the position taken by the prosecution not to object to the application, I allow the request,” he said
PSOS-VZ sought to vary the terms of the interim order obtained by the government from the court on July 16 for part of the monies to be released to pay for business expenses and legal costs
Earlier, Tan informed the court that UK High Court judge William Spencer Philip Trower had on Aug 12 allowed the amount sought by Kerman & Co, if the temporary freeze order made by Mohd Nazlan was varied until the hearing and disposal of the Malaysian government’s application to forfeit US$340.26 million
The application will be heard on Aug 28
The US$1.357 million is to be paid to UK-based law firm Kerman & Co following the conclusion of the arbitration by the company
Senior lawyer Mohd Yusof Zainal Abiden, representing Tarek Obaid, the co-founder of PetroSaudi International Ltd (PSI), was also present today
Last July 16, Mohd Nazlan allowed the Malaysian government’s application for an interim order to block PSI and its director Tarek from moving over US$340 million to other entities until the disposal of the main application on Aug 28
The government had filed the application on July 10, seeking a prohibition order to restrain any dealings of the monies amounting to US$340,258,246.87 belonging to PSI and its subsidiary, PSOS-VZ held in Clyde & Co LLP
The Malaysian government is also seeking unspecified money that was deposited under an intermediate account name, Temple Fiduciary Services Limited, at Barclays Bank in the UK
Both the specified and unspecified monies belong to PSOS-VZ which is wholly owned by Tarek through PSI
The application, filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act named Tarek, PSI, PSOS-VZ, Clyde & Co and Temple Fiduciary as the first to fifth respondents. - Bernama

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