Jho Low and dad fail to set aside freeze order on US$1.4 billion in assets

Fugitive businessman Low Taek Jho or Jho Low and his father today failed to set aside a court order preventing them from transferring or dissipating any of their assets in Malaysia amounting to US$1.03 billion and US$401.5 million respectively.

This followed the decision of High Court judge Hayatul Akmal Abdul Aziz, dismissing the application by Jho Low and Larry Low Hock Peng to set aside the Mareva injunction obtained by 1MDB and one of its subsidiaries.

The judge made the ruling after hearing submissions from both parties during online proceedings today.

1MDB counsel Siva Kumar Kanagasabai said the court dismissed the duo’s application with costs of RM5,000.

He said the court also granted several supplementary orders including that personal service of the inter partes order be dispensed with.

Siva said the court also ordered Jho Low and his father to comply with the inter partes Mareva disclosure order on their assets and whereabouts within 14 days of service through their solicitor.

“If Jho Low and his father do not comply with the inter partes Mareva disclosure orders, they will be debarred from being heard in the proceedings, their defence will be struck out and 1MDB will be at liberty to apply to enter a judgment against them.

“The court also allowed our application to amend the writ (of summons) but this relates to a minor matter on the calculation of claim. The next case management has been fixed on June 13,” Siva said when contacted.

On March 15, Hayatul allowed the Mareva injunction sought by 1MDB and its subsidiary, Global Diversified Investment Company Limited – formerly known as 1MDB Global Investments Limited – the first and fifth plaintiffs in 1MDB’s suit against Jho Low, his father as well as several others.

A Mareva injunction is a temporary order which restrains the defendant from disposing of his or her assets until the determination of the case between the plaintiff and the defendant.

The injunction also limits Jho Low and his father from spending more than RM20,000 a month each for living and legal expenses. If they need more than this amount, they must get prior written permission from the lawyers of 1MDB and Global Diversified.

On May 7, 2021, 1MDB and its four subsidiaries – Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited – filed a US$3.7837 billion suit against Jho Low, his father, his mother Goh Gaik Ewe, his sister May Lin, his younger brother Taek Szen and his associate Eric Tan Kim Loong.