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1MDB and MOFI succeed in appeal against IPIC litigation in England

Last update: 26/11/2019
KUALA LUMPUR, Nov 26 -- 1Malaysia Development Berhad (1MDB) and Minister of Finance Incorporated (MOFI) have succeeded in their appeal at the Court of Appeal in London to proceed with the hearing to set aside the Consent Award that sought to frustrate any attempts to seek a legitimate settlement over the 1MDB saga.

According to a statement from the Attorney-General's Chambers, as a result of the decision today, 1MDB and MOFI's application to set aside the Consent Award would now proceed to a hearing in the High Court In London.

The Consent Award was entered into by former prime minister Datuk Seri Najib Tun Razak's administration with International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS), with a condition that no court proceedings should be brought to set aside the Consent Award following the Settlement Deeds signed in April 2017.

Under the Settlement Deeds, the penalty for breach included payment of a substantial sum of money.

IMDB and MOFI had appealed over the High Court of England's decision that stopped their application to set aside the Consent Award, pending arbitration proceeding initiated by IPIC and Aabar PJS in London. Hence, the High Court directed the arbitration to precede any court proceedings.

The Court of Appeal, comprising Chancellor Sir Geoffrey Vos, Lord Justice Newey and Lord Justice Males also ordered the parallel arbitration proceedings commenced by both parties to be restrained in the meantime.

The statement undersigned by Attorney General Tan Sri Tommy Thomas said if both Malaysian parties succeed in the High Court hearing, the country, in addition to other rights, would be able to proceed to seek recovery of US$3.5 billion that was paid out of 1MDB funds to IPIC subsidiaries.

Billions of dollars of taxpayers money have been allegedly misappropriated in the course of the IMDB scandal that has been described as the greatest kleptocracy in modern history.

-- BERNAMA



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