1MDB sues PetroSaudi director, UK law firm for US$1.83bil

1mdb sues petrosaudi director, uk law firm for us$1.83bil

1MDB is suing Patrick Mahony for knowingly assisting in the embezzlement of US$1.83bil from the company, and for knowingly receiving US$33 million in misappropriated funds. (File pic)

PETALING JAYA: 1MDB has begun legal action in a bid to recover more than US$1.83 billion (RM8.9 billion) from Patrick Mahony, former chief investment officer of PetroSaudi International Ltd.

The lawsuit also names a prominent UK law firm based in London as the second defendant.

The company alleges that the defendants took part in an elaborate “scheme” involving former prime minister Najib Razak, fugitive businessman Low Taek Jho, or Jho Low, PetroSaudi International CEO Tarek Obaid, former 1MDB CEO Casey Tang and several others, resulting in losses suffered by the company.

1MDB is seeking a declaration that both Mahony, a British national, and the law firm are constructive trustees for the sum of US$1.83 billion, and seeks an order that they repay it to the company.

It is also seeking repayment of US$33 million from Mahony, alleging that he knowingly received the sum which formed part of monies siphoned off from the company in 2009.

The suit was taken out by Lim Chee Wee Partnership, acting on 1MDB’s behalf.

The matter is scheduled to come up in court for case management tomorrow.

Last month, Tarek and Mahony were reported to be standing trial in Switzerland, accused of being involved in a vast embezzlement orchestrated by Low.

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