KUALA LUMPUR (Sept 18): The High Court (civil division) has fixed new trial dates for three days beginning June 16 next year, to hear 1Malaysia Development Bhd (1MDB) and its four subsidiaries’ US$3.78 billion (RM16.13 billion) suit against fugitive businessman Low Taek Jho (Jho Low), his family members, and close associate Eric Tan Kim Loong.

The new trial dates were fixed before the High Court’s deputy registrar Mohamad Ibrahim Mohamad Ghulam last week. This was confirmed by 1MDB’s counsel Siva Kumar Kanagasabai to The Edge.

Initially, the court had fixed trial dates for last month, but these had to be vacated to accommodate other cases related 1MDB and its former subsidiary SRC International Sdn Bhd.

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1MDB, along with its four subsidiaries - 1MDB Energy Holdings Ltd, 1MDB Energy (Langat) Ltd, 1MDB Energy Ltd, and Global Diversified Investment Co Ltd - had filed the suit against Jho Low, his father Tan Sri Larry Low Hock Peng, mother Puan Sri Goh Gaik Ewe, siblings Taek Szen and May Lin, and Tan, in May 2021, for fraudulent concealment, fraudulent misappropriation of funds, and unjust enrichment, among others.

1MDB has already obtained a judgment in default (JID) against Jho Low, Hock Peng, and Taek Szen in November last year, and against Goh last May, following their non-appearance before High Court judge Hayatul Akmal Abdul Aziz.

A sum of almost US$2.8 billion in judgement was entered on Jho Low alone, while another sum of US$983 million was entered against Jho Low and his father. Separately, Taek Szen was required to come up with US$27.5 million while another US$1.695 million (RM7.9 million) worth of jewellery allegedly bought with 1MDB funds was entered against Goh.

A JID can be entered in favour of the plaintiffs - in this case, 1MDB and its subsidiaries - following the defendant’s failure to plead their defence or if their defence has been struck out due to non-appearance.

Hence, the June 2025 trial dates are likely to hear the overall claims and 1MDB’s case against Tan and Jho Low’s sister, May Lin.

The hearing is set before Hayatul Akmal.

The court had also imposed a Mareva injunction (an asset-freezing order) against Jho Low and Hock Peng. Their failure to abide by the injunction resulted in a jail sentence imposed by Hayatul Akmal.

1MDB and its subsidiaries had filed a multi-billion suit against Tan, whom the companies claim is considered a constructive trustee of the assets claimed. It is also seeking US$3.5 million against May Lin. 

https://www.theedgemarkets.com/node/727099