Scenes similar to the climax of a complex fraud movie are playing out in London – and putting an embarrassing spotlight on the law firm Clyde & Co, now facing queries about why it has continued to represent the company PetroSaudi years after it became apparent that all its funds were stolen from 1MDB?
Sarawak Report has highlighted the PetroSaudi fraud ever since publishing its first story on the heist in February 2015. Earlier this month, according to the Guardian newspaper, the US Department of Justice re-confirmed the matter by suing PetroSaudi for the remaining $330 million (forced out of Venezuela thanks to a previous UK court judgement) – money awarded by the court in the first instance to their lawyers Clyde & Co, where it is now sitting in their escrow account.
KUALA LUMPUR (Feb 4): The forfeiture action by the prosecution against Saudi national Tarek Obaid, PetroSaudi International Ltd (PSI), PetroSaudi Oil Services (Venezuela) Ltd (PSOSL), and two others over US$340 million in 1Malaysia Development Bhd (1MDB) funds is not settled yet, as parties will go for further case management.
This was decided by High Court Justice Mohd Nazlan Mohd Ghazali when the case was called before him today via an online video application between parties.
Following that, another case management date has been fixed for April 2 on the matter.
Sources familiar with the matter confirmed that no settlement has been reached yet, and also the new case management date.
KUALA LUMPUR (Jan 23): Justice Mohd Nazlan Mohd Ghazali, the High Court judge who presided over Datuk Seri Najib Razak s SRC International Sdn Bhd case that ended in a conviction, will be transferred to the High Court s civil division effective March 1.
The directive came from Chief Judge of Malaya Tan Sri Azahar Mohamed.
A copy of the order that was given to the Malaysian Bar was sighted by theedgemarkets.com.
Nazlan, an Oxford graduate, was previously brought in from the High Court s commercial division in 2018 to hear Najib s SRC case.
The office of the Chief Registrar of the Federal Court confirmed the transfer of Justice Nazlan to the civil court, saying the transfer is a routine practice.
KUALA LUMPUR (Dec 14): PetroSaudi International Ltd (PSI) subsidiary PetroSaudi Oil Services (Venezuela) Ltd (incorporated in Barbados) (PSOSL) said it is in what could be the final round of negotiations with the Malaysian government in relation to the latter s bid to forfeit US$340 million of 1Malaysia Development Bhd (1MDB) funds from the company.
Following this, PSOSL counsel Alex Tan told the High Court that they need some more time for discussions.
This led to Justice Mohd Nazlan Mohd Ghazali to ask whether there had been significant development to the matter, to which Tan replied that there was correspondence with the Attorney-General s Chambers last week.
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