Malaysia High Court grants injunction to stop Jho Low disposing $1.4b in assets, Latest World News - The New Paper

Malaysia High Court grants injunction to stop Jho Low disposing $1.4b in assets

This article is more than 12 months old

KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - 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$1.03 billion (S$1.4 billion) 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 online proceedings on Tuesday (March 29), the court fixed the inter-parte hearing for 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$401.5 million.

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 both men's monthly expenditure to no more than RM20,000 (S$6,450) 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$1.03 billion and US$401.5 million, 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$3.78 billion 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.