KUALA LUMPUR, Aug 28\u00a0(NNN-BERNAMA) — The High Court was today told that there was\u00a0difficulty\u00a0 to register the\u00a0court\u2019s\u00a0interim order\u00a0to\u00a0restrain any dealings of monies amounting to US$340,258,246.87 belonging to PetroSaudi International Ltd (PSI)\u00a0and its subsidiary\u00a0in the\u00a0United Kingdom (UK) court.<\/p>\n\n\n\n
Deputy public prosecutor Muhammad Izzat Fauzan informed Judge Mohd Nazlan Mohd Ghazali that the prosecution had received information on the matter through an email from the UK\u2019s National Crime Agency (NCA) on Aug 21. <\/p>\n\n\n\n
\u201cThe email was regarding them (NCA) trying to register the order in the UK court. There was a predicament in how to get the order enforced in the UK,\u201d he added.<\/p>\n\n\n\n
On July 16, Justice Mohd Nazlan allowed the government\u2019s application for an interim order to block PSI, its director Tarek Obaid and its subsidiary, PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ), from moving over the monies that is linked to 1Malaysia Development Berhad (1MDB) and kept in a client\u2019s account at the UK\u2019s law firm, to other entities.<\/p>\n\n\n\n
The interim order is to maintain the status quo of parties until the disposal of the government\u2019s prohibition application seeking an order to restrain any dealings of the monies belonging to PSI and PSOS-VZ which are currently in an escrow account held by Clyde & Co Co LLP in the UK.<\/p>\n\n\n\n
Following which, Muhammad Izzat asked the judge to set an early date to hear the government\u2019s prohibition application on grounds that if the matter is prolonged, the monies may dissipate and it would prejudice the prosecution.<\/p>\n\n\n\n
Counsel Alex Tan, representing PSOS-VZ, argued that there would be no prejudice to the prosecution as there was no movement of the monies in the accounts.<\/p>\n\n\n\n
\u201cThe interim order is in place until the final disposal of the main application (prohibition application),\u201d he said.<\/p>\n\n\n\n
Lawyer Datuk Mohd Yusof Zainal Abiden represented, Tarek Obaid, who is also the co-founder of PSI. <\/p>\n\n\n\n
Today is scheduled to hear the government\u2019s application for a prohibition order.<\/p>\n\n\n\n
However, Tan said they needed time to reply to another issue raised by the prosecution in their affidavit.<\/p>\n\n\n\n
The court then fixed Sept 15 to hear the application which was filed by the government on July 10.<\/p>\n\n\n\n
Besides US$340,258,246.87, the government, in its application is also seeking unspecified money that was deposited under an intermediate account name, Temple Fiduciary Services Limited, at Barclays Bank in the UK.<\/p>\n\n\n\n
The application, filed under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA), named Tarek, PSI, PSOS-VZ, Clyde & Co and Temple Fiduciary as the first to fifth respondent.<\/p>\n\n\n\n
On Aug 19, Justice Mohd Nazlan had allowed PSOS-VZ to access US$1.357 million out of the US$340,258,246.87 after allowing the company\u2019s application to amend the interim order which prohibited it from moving the monies to other entities.<\/p>\n\n\n\n
PSOS-VZ sought to vary the terms of the interim order for part of the monies to be released to pay for business expenses and legal costs.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
— NNN-BERNAMA\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Aug 28\u00a0(NNN-BERNAMA) — The High Court was today told that there was\u00a0difficulty\u00a0 to register the\u00a0court\u2019s\u00a0interim order\u00a0to\u00a0restrain any dealings of monies amounting to US$340,258,246.87 belonging to PetroSaudi International Ltd (PSI)\u00a0and its subsidiary\u00a0in the\u00a0United Kingdom (UK) court. Deputy public prosecutor Muhammad Izzat Fauzan informed Judge Mohd Nazlan Mohd Ghazali that the prosecution had received information on the matter through […]<\/p>\n","protected":false},"author":19,"featured_media":39590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/89581"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89581"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/89581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/39590"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89581"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}