ARUL KANDA, IRWAN & CO SHAKE IN THEIR SHOES ALONG WITH NAJIB AS ‘MAREVA INJUNCTION’ LOOMS: JAIL IS NOT ENOUGH, CULPRITS MUST GIVE BACK THE MONEY TOO – KEPONG MP URGES 1MDB TO FOLLOW FGV’S EXAMPLE & SUE ITS OLD MANAGEMENT TO RECOVER THE BILLIONS ‘LOST’, STOLEN OR SIPHONED OUT

KUALA LUMPUR — The new 1MDB management should follow the example of FGV Holdings Berhad and file civil lawsuits against its former directors, executives, and even its ex-auditors to recover the billions of ringgit stolen from the sovereign investment fund, Lim Lip Eng said today.

The DAP lawmaker said it was not enough for the government to just press criminal charges against those involved in the massive loss of funds, suggesting that the culprits have likely hidden the money and other assets likely bought with 1MDB cash.

“Once the civil suit is initiated, 1MDB can apply to court for a worldwide Mareva injunction to restrain the defendants from disposing of, or dealing with, any of their assets, including monies held in bank accounts, whether in or outside Malaysia,” the Kepong MP said in a statement.

A Mareva injunction is a court order for the temporary freeze of a debtor’s assets to prevent their disposal pending a final legal resolution. It got its name from a case heard in the English courts in the 1970s: Mareva Compania Naviera SA v International Bulkcarriers.

Lim said the civil suit could apply not just to 1MDB but other government-linked companies (GLCs) and agencies where financial and power abuses have been uncovered.

“It is not sufficient to throw the book at these corrupted officials, we have to put in our best effort to recover the money taken,” he emphasised.

FGV Holdings is suing its former chairman Tan Sri Isa Samad and former chief executive officer Datuk Mohd Emir Mavani Abdullah for a total of RM7.7 million over the purchase of two luxury condominium units allegedly for above market price.

The agricultural and agri-commodities company is also suing 12 other former senior management members for RM514 million in compensation over the company’s 2014 purchase of a 100 per cent stake in Asian Plantation Limited via a voluntary conditional cash offer.

1MDB has been touted as the biggest financial heist worldwide, implicating former prime minister Datuk Seri Najib Razak, his wife Datin Seri Rosmah Mansor, Penang-born businessman Low Taek Jho, his father Tan Sri Larry Low and giant US investment bank Goldman Sachs.

MALAY MAIL

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