The High Court in Kuala Lumpur has dismissed former 1Malaysia Development Berhad (1MDB) chief executive officer Arul Kanda Kandasamy and its former chairman Tan Sri Mohd Irwan Serigar Abdullah’s bid to strike out a US$6.59bil suit filed by 1MDB against them.
Read more at https://tinyurl.com/4bcx7caf
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Read more at https://tinyurl.com/4bcx7caf
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00 The High Court in Kuala Lumpur has dismissed former OneMalaysia Development Berhad 1MDB
00:08 Chief Executive Officer Arukanda Kandasamy and its former chairman Tan Sri Muhammad A1
00:14 Srega Abdullah Sped to strike out a US$6.59 billion suit filed by 1MDB against them.
00:23 High Court Judicial Commissioner Tatoo Raja Ahmad Mozanuddin Shah Raja Mozan in dismissing
00:29 the duo's applications on Wednesday, ruled that the suit must go to full trial as the
00:34 court needed to hear testimonials from the witnesses.
00:38 He then ordered Arukanda and Muhammad A1 to pay RM10,000 each as costs to 1MDB and fix
00:46 September 14 for case management.
00:49 Muhammad A1 filed the application to strike out the suit on February 18, 2022, on the
00:55 grounds that it was premature as the investment of Brazen Sky Ltd and the payment of Abar
01:02 Investments PJS Ltd were clearly unsustainable since the court had yet to determine that
01:08 1MDB suffered losses of US$1.83 billion and US$3.5 billion.
01:17 Arukanda filed the same application on June 2, 2022, on the grounds that he cannot be
01:23 held responsible for the losses incurred by 1MDB due to irregularities committed by others.
01:31 In May 2021, 1MDB filed a suit against the duo over an alleged breach of trust and conspiracy
01:39 causing 1MDB to suffer losses amounting to US$1.83 billion in relation to its investment
01:47 in 1MDB Petrol Saudi Ltd, which was converted into the alleged Brazen Sky Ltd investment
01:54 said to be found in the breach global fund.
01:58 1MDB also claimed that Arukanda and Muhammad A1 committed a breach of trust and conspiracy
02:04 by misappropriating 1MDB's funds amounting to US$3.5 billion paid to Abar Investments
02:13 and US$1.265 billion paid to international petroleum investment company IPIC on May 9,
02:22 2017.
02:23 1MDB alleged that Muhammad A1 also conspired with Arukanda to cause the company to implement
02:30 the Employment Extension Agreement and made a substantial payment of over RM2.9 million
02:37 to Arukanda in accordance with the agreement regardless of 1MDB's interests, causing the
02:43 company to suffer losses and damage.
02:46 In this regard, 1MDB, among others, demanded that the two defendants pay US$6.59 billion
02:54 for the breach and additional RM2.9 million from Muhammad A1 in relation to the Employment
03:00 Extension Agreement.
03:02 The court also ruled that Muhammad A1, who was the first to report the breach, was not
03:06 guilty of any crime.
03:07 The court also ruled that Muhammad A1 was not guilty of any crime.
03:08 In this regard, the court ruled that Muhammad A1 was not guilty of any crime.
03:09 In this regard, the court ruled that Muhammad A1 was not guilty of any crime.
03:09 [BLANK_AUDIO]