KUALA LUMPUR – May 3, 2018: Lawyer Datuk Alvin John has cast doubts on the lawsuit by former minister Datuk Zaid Ibrahim against the Australian ANZ Bank relating to 1Malaysia Development Bhd (1MDB), describing Zaid’s allegations as pointless.
ANZ Bank is the single largest shareholder of Ambank and has representatives on the board.
“ANZ is only a shareholder amongst many others in Ambank. Why selective prosecution of one shareholder? And ANZ does not run Ambank,” commented John, who doubts if Zaid and nine others in the lawsuit have the locus standi to pursue the case.
“Zaid and the others must still get past the hurdle of establishing their legal standing to file this type of suit. They are, strictly speaking, being non-aggrieved parties or shareholders of 1MDB, which is the supposed injured party,” John pointed out.
He also questioned whether Zaid can establish that ANZ was involved in money laundering when the money did not even pass through ANZ’s control.
Australian media reported that Zaid and the nine have hired Sydney law firm Levitt Robinson to pursue class action in Australia against ANZ.
Zaid was quoted as saying that the lawsuit was to focus on ANZ’s knowledge of about $US1.4 billion allegedly stolen from 1MDB and transferred to the personal account of Prime Minister Datuk Seri Najib Razak with Ambank.