Malaysia: Malaysia Will Freeze $340 Million PetroSaudi Funds Linked to 1MDB

Malaysia granted an interim order to prevent $340 million of funds allegedly linked to 1MDB from being moved from Petrosaudi International’s accounts in the U.K.

The judge has set Aug. 28 for the next hearing on the forfeiture lawsuit filed by Malaysia’s government against PetroSaudi and its director Tarek Obaid. Tarek had previously been charged in his absence with engaging in criminal conspiracy with the country’s former leader Najib Razak and with illegally receiving $300 million from 1MDB.

“This is the first step, to freeze the account, the next step is to bring the money back,” said Nizamuddin Hamid, a lawyer for the Malaysian Anti-Corruption Commission. The money has been moved to an escrow account held by Clyde & Co. LLP in London and the commission will submit a mutual legal assistance request to U.K. authorities to freeze the funds, it said in a statement.

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(Picture: STRINGER/Reuters)

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