KUALA LUMPUR: The High Court here has granted an ad interim injunction against fugitive financier Low Taek Jho, or Jho Low, to prevent him from transferring or dissipating his assets in Malaysia amounting to US$1.03bil (RM8.14bil) in a lawsuit filed by 1Malaysia Development Bhd (1MDB) and its subsidiaries.
Lawyer Siva Kumar Kanagasabai, who represented 1MDB, told the press that the ad interim injunction was granted on the same terms as an ex-parte injunction obtained earlier on March 16.
He said the order of the ad interim injunction is effective until an inter-parte application is disposed of.
During the online proceedings Tuesday (March 29), the court fixed the inter-parte hearing on May 25 before Justice Hayatul Akmal Abdul Aziz.
Earlier this month, 1MDB and its subsidiary, Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd), obtained a Mareva injunction from the High Court preventing Low from disposing off his assets.
Low’s father, Tan Sri Larry Low Hock Peng, also faces a similar injunction involving US$401.5mil (RM1.69bil).
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 capped Low and Hock Peng's monthly expenditure to no more than RM20,000 a month each for living and legal expenses.
Should they need more than the allowed amount, they need to get prior written permission from 1MDB and Global Diversified’s solicitors.
The order also states that Low and his father must make written disclosures to 1MDB and Global Diversified regarding their assets, valued at US$1.03bil and US$401.5mil, respectively, whether locally or abroad, under their own name or otherwise, and whether under sole or joint possession.
They must provide the value, location and all information related to the assets, and it must be verified through an affidavit sent to the first and fifth plaintiff’s counsel within fourteen days after the order is served on the counsel representing the two defendants.
The order also states that any individual in these proceedings or otherwise, who is informed of the order in question, should not aid or permit a breach of the order where they may be subject to action over contempt of court.
On May 7, 2021, 1MDB and its four subsidiaries, namely Global Diversified, 1MDB Energy Holdings Ltd, 1MDB Energy Ltd and 1MDB Energy (Langat) Ltd filed a US$3.7837bil (RM16bil) lawsuit against Low, his father, his mother Puan Sri Goh Gaik Ewe, sister May Lin, younger brother Taek Szen and associate Eric Tan Kim Loong.
Based on the writ, 1MDB claimed US$661mil from Low and US$41mil, US$397mil, US$608mil and US$1.9bil from Low and Tan, and US$325mil from Low and his father respectively.
1MDB Global Investments Ltd claimed US$630mil from Hock Peng, Low and Tan and US$2mil from Taek Szen, Jho Low and Tan.
The plaintiffs also claimed US$3.5mil from May Lin and Low and US$1.695mil from Goh, Low and Tan in connection with the purchase of jewellery and secret profits, in addition to US$25.5mil from Low, Tan, Hock Peng and Taek Szen.