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1MDB & MOF Incorporated succeed in appeal against IPIC litigation

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Written by Syndicated News

KUALA LUMPUR — Nov. 26, 2019: 1Malaysia Development Berhad and the Minister of Finance Incorporated (MoF Inc.) today succeeded in their appeal in London to proceed with the hearing to set aside a Consent Award that sought to frustrate any attempts to seek a legitimate settlement over the 1MDB case.

A statement from the Attorney-General’s Chambers said that following this decision, the appeal will now proceed to a hearing in a high court.

The Consent Award was entered into by former prime minister Datuk Seri Najib 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 it aside following the Settlement Deeds signed in April 2017.

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

 IMDB and MoF Inc. had appealed the High Court of England’s decision that stopped their application to set aside the Consent Award, pending arbitration proceedings 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 AGC’s statement said that if both Malaysian parties succeed in the High Court hearing, the country, in addition to other rights, would be able to proceed to seek the recovery of US$3.5 billion that was paid by 1MDB 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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Syndicated News

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