New judge to hear 1MDB suit against Deutsche Bank, six other parties
0 month ago, 23-Nov-2021
The suit filed by 1Malaysia Development Berhad (1MDB) against seven parties, including two foreign banks will be heard by a new judge. — AFP photo
KUALA LUMPUR (Nov 22): The suit filed by 1Malaysia Development Berhad (1MDB) against seven parties, including two foreign banks will be heard by a new judge.
The matter was announced by a lawyer from Messrs Rosli Dahlan Saravana Partnership when contacted by reporters today after case management of the suit, conducted online before High Court Judicial Commissioner (JC) Quay Chew Soon.
Based on the notice issued by the Chief Judge of Malaya, JC Quay has been transferred to the Penang High Court.
Further case management has been fixed for February 8, 2022, the lawyer said.
On May 7, 1MDB as plaintiff filed a US$1.83 billion (RM7.7 billion) suit against seven defendants for alleged breach of contract, negligence and criminal conspiracy relating to the embezzlement of 1MDB funds.
1MDB named Deutsche Bank (Malaysia) Bhd, Coutts & Co Ltd, JP Morgan (Switzerland) Ltd; two Petrosaudi companies, Petrosaudi International Limited and Petrosaudi Holdings (Cayman) Limited as well as two individuals, Saudi Arabian national, Tarik Isam Ahmed Obaid (Tarik Obaid) and British national, Patrick Andrew Marc Mahony (Patrick Mahony) as defendants in the suit.
The plaintiff claimed that all defendants had among other things, conspired to defraud and cause losses and damages to 1MDB and affect its reputation and good standing. Bernama