KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) has filed a lawsuit against Patrick Mahoney, the chief investment officer of PetroSaudi International Ltd (PSI), seeking to recover USD1.83 billion.
Mahoney is accused of allegedly aiding several individuals, including former Prime Minister Datuk Seri Najib Razak, in the misappropriation of 1MDB funds.
The lawsuit, filed in the High Court on May 7 by 1MDB through the law firm Lim Chee Wee Partnership, also names the UK-based law firm White & Case LLP as a defendant.
In its statement of claim, 1MDB alleges that Mahoney dishonestly assisted Najib and others, including 1MDB executive director Casey Tang Keng Chee, fugitive businessman Low Taek Jho (Jho Low), and PSI director Tarek Obaid, in defrauding 1MDB.
The plaintiff, 1MDB, claims Mahoney was knowingly involved in a conspiracy with Jho Low, Najib, and Tarek Obaid to defraud it of a substantial sum of money.
The plaintiff further alleges that White & Case, acting on Mahoney’s instructions, prepared fraudulent share purchase and loan agreements on behalf of PetroSaudi Holdings (Cayman) Ltd / PSI to deceive 1MDB.
Therefore, 1MDB is seeking a declaration that Mahoney and White & Case are responsible as constructive trustees for the sum of USD1.83 billion and to pay them that amount or any other amount deemed appropriate by the court on the grounds of dishonest assistance.
It also seeks a declaration that both defendants are liable for the sum of USD33 million and to pay them that amount or any other amount deemed appropriate by the court, on grounds of knowing receipt.
1MDB further demands compensation of USD1.83 billion, interest, costs, and any other relief deemed fit by the court.
