Najib Can Only Withdraw RM100K A Month After Court Freezes His Assets In Relation To 1MDB

The former prime minister is allowed to withdraw up to RM100,000 monthly from his bank accounts to cover his expenditure or living expenses.

Cover image via Najib Razak (Facebook)

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1Malaysia Development Bhd (1MDB) and its subsidiaries have obtained an ex-parte Mareva injunction to freeze Datuk Seri Najib Razak's assets

The injunction was granted by the Kuala Lumpur High Court to stop the former prime minister from disposing of or reducing the value of any of his assets in Malaysia up to USD681 million (approximately RM2.85 billion).

The Mareva injunction applies worldwide and only to Najib despite the fact that former directors and board of advisers are also named in the 1MDB suit, reported The Edge yesterday, 8 February.

The injunction against Najib still allows the former prime minister to withdraw up to RM100,000 monthly from his bank accounts

The ex-parte application given by judicial commissioner Atan Mustaffa Yussof Ahmad stated that Najib can withdraw the amount in order to cover his legal expenditure or living expenses, reported The Borneo Post.

If Najib needs more than the amount allowed, he will have to get written permission from 1MDB and Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited).

The court has fixed 21 February to hear the Pekan member of parliament's (MP) arguments should he seek to dismiss the injunction

According to Malaysiakini, Najib's conviction in the RM42 million SRC International Sdn Bhd graft case was among the reasons that prompted 1MDB and its subsidiaries to apply for the freezing order.

1MDB was the parent company of SRC.

In May last year, 1MDB and its subsidiaries filed a multi-billion dollar suit against the former prime minister and several other defendants who were former directors or board of advisers in the company.

In December last year, Najib's conviction in the SRC case was upheld by the Court of Appeal. He has since appealed to the Federal Court:

Learn more about his conviction in the SRC International case here: