Hearing of 1MDB suit against Riza Aziz to begin in October 2024
1MDB and three of its subsidiaries are suing the film producer for the alleged misappropriation of funds amounting to US$250 million for film production and the purchase of the real estate.
The hearing of a lawsuit filed by 1MDB and three of its subsidiaries against Riza Aziz, the stepson of former prime minister Najib Razak, for the alleged misappropriation of funds amounting to US$250 million for film production and the purchase of the real estate, will begin on Oct 16 next year at the Kuala Lumpur High Court.
The three 1MDB subsidiaries are 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited.
Lawyer Desmond Low Zhi Jie, representing Riza and his two companies, Red Granite Pictures Incorporated and Red Granite Capital Limited, said the trial had been set for Oct 16 to 18, 21 to 25, Oct 28 to Nov 1 and Nov 4, 2024.
"The hearing will be before judicial commissioner Raja Ahmad Mohzanuddin Shah Raja Mohzan," he said when contacted today.
According to Low, case management will be held tomorrow.
On May 7, 2021, 1MDB and its three subsidiaries sued Riza and his two companies for allegedly receiving around US$248 million in funds that they misused for their personal gain, including financing a film and purchasing various properties.
The plaintiffs are seeking a declaration that Riza is responsible for the misappropriated funds and demanding repayment.
Riza and his two companies, in their statement of defence filed on Oct 25, 2021, claimed to have obtained a loan from the Saudi royal family or the International Petroleum Investment Company to produce several films in the US.
He said that it was difficult for an unknown film producer to obtain bank loans and that this had compelled him to seek funds from individuals or companies.
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