A High Court extends a ban on PetroSaudi International from using US$340 million linked to 1MDB for another three months, citing public interest.
KUALA LUMPUR: The High Court has extended a prohibition order preventing PetroSaudi International Ltd (PSI) and its director from accessing US$340 million (RM1.61 billion) linked to the 1Malaysia Development Berhad scandal.
Judge Noor Ruwena Mohd Nurdin granted the government’s application for a three-month extension, pushing the freeze until March 23, 2026.
The funds are held in a client account of UK law firm Clyde & Co LLP on behalf of PetroSaudi Oil Services (Venezuela), a PSI subsidiary.
“I take into account the objection raised by the respondent, as this matter has been ongoing for a long time,” said Judge Noor Ruwena.
“However, I also take into account the public interest. The court must strike a balance and allow some time for the prosecution to wrap up its case.”
The initial restraining order was granted on December 11, 2024, and had expired on December 10.
The Malaysian government claims the money originated from 1MDB funds invested in a 2010 joint venture with PSI.
The application was filed under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
In August 2024, Swiss courts convicted PSI director Tarek Obaid for embezzling US$1.8 billion from 1MDB.
He was sentenced to seven years’ imprisonment by the Swiss Federal Criminal Court.
