1MDB obtains ad-interim injunction against Jho Low, father involving US$1.4 bln in assets

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) and one of its subsidiaries obtained ad interim injunction from the High Court here to prevent wanted businessman Low Taek Jho or "Jho Low" from transferring or dissipating any of his assets in Malaysia amounting to US$1.03 billion.

Jho Low's father, Tan Sri Larry Low Hock Peng was also served with a similar injunction from the same companies involving US$401.5 million.

1MDB counsel Siva Kumar Kanagasabai said Judge Hayatul Akmal Abdul Aziz allowed the injunction to be enforced until the inter-partes application was disposed of.

"Ad interim injunction granted on same terms as ex-parte ordered. The court set May 25 for hearing of (the) inter-partes application," the lawyer told the media after the proceedings were held virtually today.

1MDB and the subsidiary, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited) were represented by counsels Wong Chee Lin, Dhanyaa Shreeya, Kong Xin Qing and Tommy Lim while M. Puravalen, Chong Mun Fong and Wong Hong Yi acted for Jho Low and his father.

On March 15, Judge Hayatul allowed a Mareva injunction by 1MDB and Global Diversified, which were the first and fifth plaintiffs in 1MDB's suit against Jho Low, his father as well as several other individuals.

A Mareva injunction is a temporary order which restrains the defendant from disposing of assets until the determination of the case between the plaintiff and the defendant.

The injunction also limits Jho Low and his father from spending no more than RM20,000 a month each for living and legal expenses and if they need more than the amount, they need to get prior written permission from 1MDB and Global Diversified's lawyers.

On May 7, 2021, 1MDB and its four subsidiaries, namely Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited filed a US$3.7837 billion suit against Jho Low; his father; his mother Puan Sri Goh Gaik Ewe; sister May Lin; younger brother Taek Szen and associate Eric Tan Kim Loong.

-- BERNAMA