Macc Freezes Rm2b Palantir Shares Linked To 1mdb Figure Tarek Obaid

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MACC has obtained a court order to restrain the trading of 2.5 million shares in Palantir Technologies Inc registered under the name of Tarek Essam Ahmad Obaid, better known as Tarek Obaid.
High Court judge Azhar Abdul Hamid issued the order today under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001, following an application filed by MACC on Sept 26.
In a statement, MACC said the application was based on information that in 2010, Obaid (above) had received, transferred, and utilised proceeds from the misappropriation of 1MDB funds.
The funds were allegedly channelled into his personal bank account and used to acquire Palantir shares worth US$2 million at the time.
ADS“With this order, MACC has successfully restrained 2.5 million shares under the name of Tarek Obaid, now estimated to be worth US$448 million or more than RM2 billion, from being traded,” the commission said.
Obaid is the co-founder of PetroSaudi International, the Saudi oil company that was at the centre of the 2009 joint venture with 1MDB.
Investigations later revealed that billions of ringgit were siphoned from the deal, marking the beginning of what would become the multibillion-dollar 1MDB scandal.
PetroSaudi was portrayed at the time as a strategic partner that would give 1MDB access to international energy markets. However, leaked documents and investigations in several jurisdictions showed that the venture was used as a vehicle to divert billions into accounts controlled by financier Low Taek Jho (Jho Low) and his associates.
The US Department of Justice, in its 1MDB forfeiture suits, also identified Obaid as a key recipient of funds diverted from the state investment firm.
On Aug 28 last year, the Swiss Federal Criminal Court convicted Obaid and Patrick Mahony for their roles in embezzling 1MDB funds. - Mkini

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