Pendakwa Raya [Jabatan Peguam Negara] v 1. ) TAREK OBAID 2. ) PETROSAUDI INTERNATIONAL LIMITED (INCORPORATED IN THE UNITED KINGDOM OF SAUDI ARABIA) 3. ) PETROSAUDI OIL SERVICES (VENEZUELA) LIMITED (INCORPORATED IN BARBADOS) 4. ) CLYDE & CO LLP 5. ) TEMPLE FIDUCIARY SERVICES LIMITED

wa-44-133-07-2020 High Court (Mahkamah Tinggi) 10 December 2024 • WA-44-133-07/2020

Catchwords

Prohibition Order. Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. Public Prosecutor’s application under section 53 AMLATFPUA to prohibit respondents from dealing with funds linked to 1MDB allowed. On a balance of probabilities, the funds held outside Malaysia were traceable to proceeds of unlawful activity and thus constituted evidence of a money laundering offence. It is mandatory for the Court to issue a prohibition order once statutory criteria under section 53(1)(a) are met. Corporate veil piercing may be invoked where impropriety is established.

Judges (1)

Ahmad Shahrir b. Mohd Salleh Delivered

Parties (6)

PETROSAUDI INTERNATIONAL LIMITED (INCORPORATED IN THE UNITED KINGDOM OF SAUDI ARABIA) Respondent PETROSAUDI OIL SERVICES LIMITED (INCORPORATED IN BARBADOS) Respondent Pendakwa Raya Applicant TEMPLE FIDUCIARY SERVICES LIMITED Respondent Clyde & Co Llp Respondent Tarek Obaid Respondent

Judgment

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Read on eJudgment

Source: eJudgment (wa-44-133-07-2020)