News about 1mdb

KUALA LUMPUR (Oct 22): The hearing of the government’s forfeiture of US$340 million which allegedly belongs to 1Malaysia Development Bhd (1MDB) from Saudi national Tarek Obaid and others is set to continue in December after UK law firm Clyde & Co LLP, which is named in the suit, declined to respond to and file affidavits on documents it was served.

KUALA LUMPUR (Oct 20): The 1Malaysia Development Bhd (1MDB) audit report was the only special audit report which Datuk Seri Najib Razak requested to see and amend prior to its presentation to the Public Accounts Committee (PAC) during his tenure as prime minister.

KUALA LUMPUR (Oct 11): The High Court will hear SRC International Sdn Bhd’s application to amend the writ in its RM16 million suit against Umno on Nov 10, the same day it will hear the party’s application to strike out the suit.

KUALA LUMPUR (Oct 6): 1Malaysia Development Bhd (1MDB) and its four subsidiaries received court approval on Wednesday to serve papers on fugitive financier Low Taek Jho (Jho Low) and five others by way of substituted service in a US$3.

KUALA LUMPUR (Sept 29): Fugitive financier Low Taek Jho (pictured), better known as Jho Low, attended a 1Malaysia Development Bhd (1MDB) special board meeting in 2009, although he was not a board member, the High Court was told on Wednesday.

KUALA LUMPUR (Sept 23): Trial dates for ex-prime minister Datuk Seri Najib Razak’s three money laundering charges involving RM27 million in SRC International Sdn Bhd will be decided after a decision is made on his conviction and sentencing appeal involving the same company.

KUALA LUMPUR (Sept 20): Former prime minister Datuk Seri Najib Razak will be applying for a stay of proceedings in the US$8 billion civil suit filed by 1Malaysia Development Bhd (1MDB) against him and several others, pending the conclusion of his 1MDB-Tanore criminal case, according to a source close to the matter.

KUALA LUMPUR (Sept 17): KPMG PLT confirmed that a settlement has been reached in the claim filed by the Malaysian government against a number of its current and former partners in Malaysia over the statutory audits of the financial statements of 1Malaysia Development Bhd (1MDB).

KUALA LUMPUR (Sept 16): KPMG Malaysia has agreed to pay a settlement of US$80 million (valued at RM333 million) to resolve all claims related to its fiduciary duties in auditing the accounts of 1Malaysia Development Bhd (1MDB) for the period of 2010 to 2012, the Ministry of Finance (MoF) announced today.

KUALA LUMPUR (Sept 14): After failing three times to hand over legal documents to their stipulated addresses in Malaysia, lawyers for 1Malaysia Development Bhd (1MDB) will be applying to the court to utilise substituted service to serve them to Jho Low (pictured), his parents Tan Sri Larry Low Hock Peng and Puan Sri Goh Gaik Ewe, and associate Eric Tan Kim Loong.