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High Court defers hearing of govt's US$340m forfeiture bid against PetroSaudi

KUALA LUMPUR (Nov 10): The scheduled High Court hearing here today of the Malaysian government's planned forfeiture of US$340.26 million (about RM1.4 billion) against PetroSaudi International Ltd (PSI) and its subsidiary PetroSaudi Oil Services (Venezuela) Ltd (PSOSL) has been deferred due to a request by PSOSL’s lawyer.

High Court deputy registrar Mahyudin Mohmad Som, when contacted by theedgemarkets.com, confirmed that today's hearing had been deferred, with case management fixed for Dec 14, 2020.

Mahyudin said: “PSOSL’s lawyer (Alex Tan) wrote to the court earlier requesting an adjournment as the parties [involved] need more time to negotiate, and he gave a continued undertaking that this court's interim order to freeze any movement of the disputed funds would be abide to."

“The prosecution had no objection to the adjournment. At the same time, the adjournment sought coincides with the government's extension of the conditional movement control order (CMCO),” Mahyudin said.

As a result, High Court Judge Mohd Nazlan Mohd Ghazali allowed the postponement of today's scheduled hearing, according to Mahyudin.

Deputy Public Prosecutor (DPP) Budiman Lutfi Mohamed, when contacted by theedgemarkets.com, also confirmed the adjournment of today’s hearing.

On  July 16, 2020, it was reported that the High Court here on the same day issued an ad-interim (temporary) order barring PSI director Tarek Obaid, PSOSL and three others from moving the US$340.26 million to other entities because the money was alleged to be linked to 1Malaysia Development Bhd (1MDB).

It was reported that the temporary prohibition order will last until the disposal of the asset forfeiture application by the Malaysian government.

Besides Tarek and PSOSL, others named in the asset forfeiture exercise are PSI, Clyde & Co LLP and Temple Fiduciary Services Ltd.

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