The Kuala Lumpur High Court has dismissed Najib Razak’s bid to set aside the Mareva injunction obtained by 1MDB and one of its subsidiaries to prevent him from disposing of or reducing the value of any of his assets in Malaysia amounting to US$681 million.
Judge Atan Mustaffa Yussof Ahmad today ruled that the injunction should be retained until the end of the 1MDB suit.
A Mareva injunction is an order preventing someone from disposing of property pending the outcome or completion of a legal action.
On Feb 8 last year, the court granted an ex-parte application for a Mareva injunction by 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), who are the first and fifth plaintiffs in the suit against Najib and several other individuals.
The injunction also limits Najib from withdrawing no more than RM100,000 per month for living and legal expenses, and if more is required, he would need to get written permission from the lawyers of 1MDB and Global Diversified.
