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KUALA LUMPUR (June 10): The multibillion ringgit suit filed by 1Malaysia Development Bhd (1MDB) against foreign banks Deutsche Bank, JP Morgan and Coutts & Co is set for case management on July 28.
According to checks on the High Court website here, it noted that the case management for the suit will be conducted online on the said date.
There are a total of six separate suits filed by 1MDB, this suit is one of them and it is against Deutsche Bank (Malaysia) Ltd, Coutts & Co Ltd, JP Morgan (Switzerland) Ltd and two PetroSaudi companies for alleged negligence, breach of contract, conspiracy to defraud the company and dishonest assistance to defraud to the total amount of US$4.923 billion (about RM20.22 billion).
The PetroSaudi companies are PetroSaudi International and PetroSaudi Holdings (Cayman) Ltd. Also named in the suit were its co-founder Tarek Obaid and director Patrick Mohany as defendants.
1MDB cited negligence, breach of contract, conspiracy to defraud and dishonest assistance, and is seeking US$1.11 billion from Deutsche Bank; US$1.03 billion from Coutts & Co plus interest; and US$800 million from JP Morgan plus interest on the sum, and US$1.83 billion from the two PetroSaudi companies and Tarek plus interest and US$153 million from Mahony.
Tarek and PetroSaudi are alleged to be responsible for the 1MDB PetroSaudi venture and transfers to Good Star Ltd, an entity owned by fugitive Jho Low as testified in the 1MDB trial.
Tarek, as well as Mahony, are also facing criminal charges along with Jho Low for criminal conspiracy involving 1MDB and former prime minister Datuk Seri Najib Razak.
There are also at present separate forfeiture proceedings against PetroSaudi and Tarek for the country to recover US$340 million as part of the funds in the joint venture to form 1MDB PetroSaudi.
Earlier, it was reported that lawyers for Tarek and PetroSaudi Oil Services (Venezuela) Ltd had approached the Attorney General's Chambers to settle the matter, but they were said to have offered only half of the amount sought by Malaysia.
Jho Low and three others' case management
Meanwhile, at an e-review today before registrar Noor Afidah Binti Idris, July 12 was set for case management for 1MDB's claim against Jho Low, his father Hock Peng, sister May Lin and his close associate Eric Tan for fraudulent concealment, fraudulent misappropriation of funds, unjust enrichment, breach of trust and conspiracy, whereby a total of US$1.402 billion is being sought from them.
Of that, a sum of US$1.03 billion is being sought from Jho Low, followed by his associate Tan (US$41 million), Hock Peng (US$328 million) and US$3.5 million from May Lin.
Jho Low is said to be the mastermind in the whole 1MDB scandal and action has been brought against him in various jurisdictions, including in the US for forfeiture.
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