KUALA LUMPUR, 14 JULY: 1Malaysia Development Bhd (1MDB) and its subsidiaries have modified their writ and filed a statement of claim against Jho Low, his two siblings, parents, and accomplice Eric Tan Kim Loong, seeking a total of US$3.7837 billion. The firms originally sought a claim of US$1.402 billion against Jho Low, whose real name is Low Taek Jho, his father Tan Sri Larry Low Hock Peng, younger sister May Lin, and Tan as defendants in the original writ issued on May 7.
1MDB, 1MDB Energy Holdings Ltd (1MDHL), 1MDB Energy Ltd (1MEL), 1MDB Energy (Langat) Ltd (1MELL), and Global Diversified Investment Company Ltd (formerly 1MDB Global Investments Ltd (1MGIL) are named as additional defendants in the amended writ and statement of claim, which also names Jho Low’s mother Puan Sri Goh Gaik Ewe and his brother Taek Szen, both of whom are based
Skrine, a law company, filed the new court filing at the High Court last week on July 6.
During a file search, theedgemarkets.com discovered the updated writ as well as the 48-page statement of claim, alleging that the defendants were involved in several scams involving 1MDB and its subsidiaries.
A group of people, including former Prime Minister Datuk Seri Najib, are accused of defrauding the fund and its subsidiaries of a total of US$7.771 billion. They are accused of facilitating “a large-scale and long-term crime.”
“As a result, billions of ringgit were fraudulently plundered and routed into privately controlled accounts for the benefit of different fraudsters, including the defendants,” the court said. Multiple breaches of trust and/or fiduciary obligations were allegedly committed by Najib, members of the board of directors, and senior management of the firms in order to carry out the alleged fraud.
“The companies’ finances and assets were transferred to all six defendants and misused with their knowledge, in violation of trust and fiduciary obligation,” according to the statement.
Jho Low allegedly earned US$3.784 billion, Tan allegedly received another US$2.795 billion, and Hock Peng allegedly received US$979.852 million out of the total of US$7.771 billion.
Meanwhile, May Lin received US$3.5 million, Taek Szen received US$27.5 million, and Goh received US$1.695 million in jewelry.
Jho Low was accused of receiving the cash between September 30, 2009, and November 7, 2014, while Tan was accused of receiving them between October 1, 2009, and November 7, 2014.
Between 2009 and 2014, the rest were said to have received the money and jewelry.
Only after BN’s defeat in May 2018 could detailed investigations be conducted.
According to the statement of claim, full investigations could only be done after Najib and the Barisan Nasional coalition he led were ousted in May 2018’s 14th general election.
The corporations also claim that the former prime minister attempted to conceal the 1MDB scandal by dismissing the attorney general and deputy prime minister.
Furthermore, because the majority of the documents were destroyed, investigators had to piece the information together piece by piece.
The monies were misappropriated in four phases, according to court documents: the Goodstar phase (from 2009 to 2011), the Aabar-British Virgin Islands (BVI) stage (from 2012), the Tanore phase (from 2013), and the Options Buyback phase (from 2014).
They further claimed that the cash were fraudulently received by all six defendants from 1MDB and its subsidiaries.
Hock Peng received US$979 million from 1MDB and 1MGIL between 2009 and 2010, while May Lin earned US$3.5 million from 1MDB between 2009 and 2010. Jho Low’s brother Taek Szen received monies from 1MGIL, while Goh received jewelry from 1MEL and 1MELL, according to the statement.
1MDB and its subsidiaries are seeking a refund of monies as well as damages.
All defendants to the 1MDB and its subsidiary money are being sued for unjust enrichment, fraudulent theft, constructive trust, and conspiracy, according to the plaintiffs.
Following that, they are demanding a total of US$3.7837 billion from all defendants, including US$660.75 million from Jho Low alone, as well as a court order for the disgorgement of all gains received from the funds, as well as general, aggravated, and punitive damages to be determined by the court.
They also demanded US$2.136 billion in damages from both Jho Low and Tan, as well as an order for the disgorgement of gains from the funds, as well as general, aggravated, and punitive damages to be determined by the court.
The firms are also seeking US$324.75 million in damages against Jho Low and his father, Hock Peng, as well as a similar judgment for the disgorgement of profits from the funds, as well as general, aggravated, and punitive damages.
Aside from that, 1MGIL is suing Hock Peng, Jho Low, and Tan for additional US$629.6 million, as well as a similar judgment for the disgorgement of gains from the funds, as well as general, aggravated, and punitive damages.
May Lin and Jho Low are also being sued for an additional US$3.5 million, as well as identical demands for aggravated, general, and punitive damages.
In addition, 1MGIL is seeking $27.5 million in damages from Taek Szen, Jho Low, and Tan, as well as similar orders requiring them to disgorge profits from the funds, as well as general, aggravated, and punitive damages.
According to the court records, it is seeking US$1.695 million from Goh, Jho Low, and Tan for the purchase of the jewelry, as well as any hidden earnings or gains disgorged from the funds.
Last Monday, case management was done in front of High Court deputy registrar Nor Afidah Idris (July 12). Skrine’s lawyer, Siva Kumar Kanagasabai, told theedgemarkets.com that they will make every effort to serve the updated writ on all defendants, failing which they may have to seek replacement service.
A case management meeting had been scheduled for August 12th./n
