Court Bars Access To Overseas Bank Accounts, Shares Linked To 1MDB

KUALA LUMPUR, March 6 (Bernama) -- The High Court here today allowed the government's application to issue a freezing order on the bank accounts and shares belonging to Saudi Arabian prince Prince Faisal Turki Al Saud and former media advisor to Datuk Seri Najib Tun Razak, Paul Geoffrey Stadlen, who are allegedly linked to the 1Malaysia Development Berhad (1MDB) fund.

Judge K. Muniandy issued the order after allowing the application by deputy public prosecutor Mahadi Abdul Jumaat under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, to block the two individuals from accessing their bank accounts and shares abroad.

The freeze involves US$4.5 million allegedly in Prince Faisal's bank account at Riyad Bank, Saudi Arabia and 12 million shares belonging to Stadlen which are currently held by an asset management company in the United Kingdom (UK).

At the trial of Najib’s case involving the misappropriation of 1MDB funds, there was witness testimony stating that Prince Faisal was the individual who allegedly deposited US$9,999,977 and US$9,999,970 respectively in February and June 2011 into the former prime minister's personal Ambank account.

Through two applications filed yesterday, the Malaysian Government claimed that the US$4.5 million in Prince Faisal's bank account at Riyad Bank originated from funds misappropriated from 1MDB.

In addition, the Malaysian Government also claimed that the shares owned by Stadlen were purchased using more than US$100 million misappropriated from three major infrastructure projects, namely the Multi-Product Pipeline (MPP), the Trans-Sabah Gas Pipeline (TSGP) and the East Coast Rail Link (ECRL).

When met by reporters outside the court, Mahadi said the government through the Attorney General would use Mutual Legal Assistance (MLA) to serve the court order on its counterparts in Saudi Arabia and the UK.

-- BERNAMA