Jasmine Loo now gets till June 21 to file her defence in US$8b 1MDB suit

KUALA LUMPUR (April 22): Jasmine Loo Ai Swan, a former general counsel of 1Malaysia Development Bhd (1MDB), has now been given till June 21 by the High Court here to file her defence to an US$8 billion (RM37.23 billion) lawsuit that 1MDB has filed against her as well as former prime minister Datuk Seri Najib Razak and several other former directors and officers of the company.

The extension of time from its original April 19 deadline was granted by High Court (Commercial division) judge Atan Mustaffa Yussof Ahmad during case management on Monday. June 21 has also been fixed for further case management of the case, which is due to be heard in January next year.

Loo returned to Malaysia in July last year after leaving in 2018.

The court had already imposed an asset freeze order involving US$681 million against Najib over this matter. The former prime minister is presently serving the remainder of his jail term after having been convicted for graft involving SRC International Sdn Bhd, a former unit of 1MDB. Sentenced to spend 12 years in jail and fined RM210 million, his jail term — which started in August 2022 — was halved by the Pardons Board in February this year, while the fine was reduced to RM50 million.

1MDB, along with its subsidiaries 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd (previously known as 1MDB Global Investments Ltd), filed the suit in May 2021 against Najib, Loo, six other former senior 1MDB staff, several of whom are still missing, and several other former directors.

Besides Loo, those named are former 1MDB deputy chief financial officer and executive finance director Terence Geh Choh Heng, ex-executive director of business development Casey Tang Keng Chee, former director of investments and chief investment officer Vincent Beng Huat Koh, former chief financial officer and subsequently chief operating officer Radhi Mohamad, ex-director of investments Kelvin Tan Kay Jim, and former chief investment officer Nik Faisal Ariff Kamil.

The former directors named included Ashvin Jethanand Valiram, Tan Sri Che Lodin Wok Kamaruddin, Datuk Shahrol Azral Ibrahim Halmi, Tan Sri Ong Gim Huat, and Tan Sri Ismee Ismail.

In the statement of claim, 1MDB and its subsidiaries alleged that the defendants, including Najib as the former chairman of the board of advisers, had caused the companies to enter into sham agreements to create a circuitous trail of money to ease or conceal the misappropriation of 1MDB funds.

The companies further contended that Najib disregarded his obligations under Article 117 of the Memorandum of Articles of Association, and abused his powers in exercising his public functions to maliciously commit fraud and misappropriation, resulting in the fraudulent transfer of funds and losses to them.

They contended that Najib should have foreseen the losses incurred due to such acts of misappropriation — losses that every Malaysian now has to bear.

They also claimed that Najib had abused his position in causing further losses. Hence, they claimed they are entitled to aggravated and exemplary damages because of his actions in obstructing and hindering investigations into the wrongdoing that occurred, through which he obtained secret profits for himself or his agents.

They further alleged that Najib had taken advantage of his position and power to influence, facilitate and cause fraud, so that the management complied with his stated intentions that ran contrary to 1MDB’s corporate objectives, national interests, and the interests of Minister of Finance Inc — to benefit his stepson Riza Aziz, fugitive businessman Low Taek Jho (Jho Low), and others.

High Court fixes 2025 trial dates for US$8 bil 1MDB suit against Najib