See More on Facebook

Economics, Politics

Malaysia’s appeal at London Court over 1MDB issue succeeds

Malaysia is struggling to return money that was embezzeled.

Written by

Updated: November 27, 2019

The Malaysian government has succeeded in its appeal against the London Court’s decision to delay its legal challenge to nullify a consent award involving 1MDB, the Minister of Finance Incorporated (Mofi) and two Abu Dhabi-based companies as part of its efforts to recover US$3.5bil (RM14.68bil).

Attorney General Tan Sri Tommy Thomas (pic) said that the Court of Appeal in London overturned a decision of the High Court of England, which had stopped a court application by 1MDB and Mofi to set aside a consent award entered by former premier Datuk Seri Najib Razak’s administration with the Abu Dhabi entities – International Petroleum Investment Company (Ipic) and Aabar Investments PJS.

“As a result of the Court of Appeal’s decision, 1MDB and Mofi’s application to set aside the consent award will now proceed to a hearing at the London High Court.

“The Court of Appeal also ordered that the parallel arbitration proceedings commenced by Ipic and Aabar be restrained,” he said in a statement Tuesday (Nov 26).

Both 1MDB and Mofi had filed an application in the Commercial Court in London in October last year to challenge a consent award that the two Malaysian parties had recorded under Najib’s administration in May 2017 with Ipic and Aabar.

It was reported that the London Commercial Court rejected Ipic and Aabar’s attempt to strike out the application made by 1MDB and Mofi to challenge the consent award.

The High Court of London also rejected the application by Ipic and Aabar to stay 1MDB and Mofi’s application, pending the determination of parallel arbitration proceeding.

Thomas said the October 2018 challenge was filed on grounds that the settlement deeds and the consent award were engineered by Najib as part of a conspiracy to defraud, and that Ipic and Aabar knew that Najib was acting contrary to the interests of Mofi and 1MDB.

He also noted that if Malaysia succeeds in the UK action, Malaysia will be able to “proceed to seek the recovery of US$3.5bil (RM14.7bil) that was paid by 1DMB subsidiaries to Ipic subsidiaries,” or in the alternative, reduce Malaysia’s liability to pay interest and principal under the 2012 bonds that were jointly guaranteed by Ipic up to US$3.5bil.

Following the successful appeal, Thomas said that “our setting aside-application will now be heard by the High Court in London as part of an open and transparent process, enabling Malaysians and the rest of the world to follow the proceedings in court.”

He added that bringing the perpetrators in the 1MDB case to justice is a complex and challenging task as the transactions have been carried out over several jurisdictions and involve many persons and entities.

“Billions of dollars of taxpayer monies have been misappropriated in the course of the 1MDB scandal in what has been described as the greatest kleptocracy in modern history.

“The Malaysian government is committed, in the public interest, to set this right and will unrelentingly pursue those who are responsible for this grievous injustice,” he added.

Enjoyed this story? Share it.

The Star
About the Author: The Star is an English-language newspaper based in Petaling Jaya, Malaysia.

Eastern Briefings

All you need to know about Asia

Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.

By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics, Politics

South Korea outpaces China with 505 new virus cases

The death toll now stands at 13, while 26 patients have been discharged after recovering fully. South Korea has reported its largest daily spike of 505 new coronavirus infections, outnumbering China for the first time as the government restricted exports of face masks amid a supply shortage. China, where the central city of Wuhan is the epicentre of the country’s outbreak, recorded 450 new cases yesterday. This brings South Korea’s total tally to 1,766, as officials warn that the number will continue to grow until around March 20 – two months after its first case. Experts say South Korea’s numbers are spiking because the authorities are testing people by the thousands each day, with the aim of testing all 210,000 members o

By The Straits Times
February 28, 2020

Economics, Politics

China’s coronavirus fight remains challenging

 Key Party meeting calls for full vigilance in control, prevention tasks to avoid risks. The novel coronavirus epidemic in Hubei province is still complicated and challenging, a key Party meeting concluded on Wednesday as it drew attention to the risks of the epidemic rebounding in other areas. Xi Jinping, general secretary of the Communist Party of China Central Committee, presided over the meeting of the Standing Committee of the Political Bureau of the CPC Central Committee in which members listened to a report by the leading group of the CPC Central Committee on coping with the epidemic outbreak and discussed key related tasks. At the meeting, Xi and other members of the Standing Committee of the Political Bureau of the CPC Central Committee donate

By China Daily
February 27, 2020

Economics, Politics

UN chief hails China’s efforts to contain outbreak

Official urges all countries to ‘do everything to be prepared’ to contain the epidemic. United Nations Secretary-General Antonio Guterres on Monday praised China’s contribution to the global fight against the novel coronavirus pneumonia outbreak, noting that the Chinese people are making efforts for all of humanity. The UN chief expressed his gratitude to all of the people in China who are sacrificing many aspects of their normal lives to prevent the virus from further spreading, after discussing the outbreak with World Health Organization Director-General Tedros Adhanom Ghebreyesus in Geneva. Guterres said the decline in the number of new cases in China since the beginning of February is a very good sign, and he expressed the hope that this trend

By China Daily
February 26, 2020

Economics, Politics

WHO calls China’s anti-virus effort ‘aggressive, agile’

Control measures taken by the country offered experience in improving the global response to the disease. While the substantial recent slowdown in the spread of novel coronavirus in China is real, and it is now reasonable to restore work activities step by step, health experts warned that risks abound of the virus flaring up again and they cautioned against complacency, the WHO-China Joint Mission on COVID-19 said at a news conference after its one-week field investigations in China. “Ambitious, agile and aggressive” control measures taken by China to control the novel coronavirus pneumonia epidemic, bolstered by nationwide solidarity and advanced scientific research, have altered the curve of the outbreak for the better, averted a large number of potentia

By China Daily
February 25, 2020

Economics, Politics

Map shows latest tally of Covid-19 cases in Taiwan, Taipei tops list

 After Taiwan reported its first confirmed cases, health authorities finally released on Monday the latest tally of Covid-19 cases in each administrative region, with Taipei being the highest.  More than one month after Taiwan reported its first confirmed cases, health authorities finally released on Monday the latest tally of COVID-19 cases in each administrative region, with Taipei being the highest. An interactive map on the website of Taiwan Centers for Disease Control (CDC) shows the cities and counties where the country’s 28 coronavirus patients currently reside. Marked in red, the capital city has listed sev

By Asia News Network
February 24, 2020

Economics, Politics

Asean, China enhance cooperation in response to Covid-19

The Asean Coordinating Council (ACC) and the Asean-China Foreign Ministers met on Thursday in Laos to discuss to how to respond to the coronavirus disease (Covid-19). The ACC’s special meeting, initiated by Vietnam as Chair of ASEAN, was attended by the Foreign Ministers of ASEAN member countries and the ASEAN Secretary-General. Chairing the meeting, Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh said the event aimed to implement the ASEAN Chair’s Statement released on February 14 on the bloc’s collective response to COVID-19. Minh said that in the face of the epidemic, ASEAN needed to promote its cohesive and responsive spirit, and intensify co-operation within the bloc and between the bloc and its partners to respond to ch

By Viet Nam News
February 21, 2020