环球ug代理开户(www.ugbet.us):1MDB's bid to obtain documents in suit against Hollywood producer to be known on Aug 4

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Hollywood film producer Riza Shahriz Abdul Aziz claims that the funds were obtained from a loan from the Saudi royal family or International Petroleum Investment Company and not from 1MDB funds. – AFP pic, July 14, 2022.

THE High Court today set August 4 to deliver its decision on the application by 1Malaysia Development Berhad (1MDB) and three of its subsidiaries to obtain documents in the US$248 million (RM1.1 billion) suit against Hollywood film producer Riza Shahriz Abdul Aziz and two of his companies for allegedly misusing the strategic investment company’s funds.

Counsel Hariharan Tara Singh representing defendants Riza Shahriz, Red Granite Pictures Incorporated and Red Granite Capital Limited, said Judge Amarjeet Singh set the date after hearing arguments from both parties.

“The decision will be delivered via email,” he said when met by reporters, while the plaintiffs’ counsel Rabindra S. Nathan, confirmed the matter.

1MDB, and its subsidiaries, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited filed the application on January 28, seeking documents including correspondence between fugitive busines *** an Low Taek Jho or Jho Low and Riza Shahriz, and documents relating to the receipt and use of US$10,173,104 in funds by Red Granite Pictures and US$238 million by Red Granite Capital.

Based on supporting affidavits in the application, 1MDB director Mohd Hisyamuddin Awang Abu Bakar said the documents would assist the plaintiffs in proving their claim and enable them to obtain further information to support their claims in the suit.

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According to an affidavit in reply, Riza Shahriz said he was advised by lawyers and firmly believed the documents sought by the plaintiffs were only fishing for further information.

On May 7 2021, 1MDB and its subsidiaries sued Riza and his two companies for allegedly receiving around US$248 million (RM1.1 billion) in funds that they misused for their personal gain, including financing a film and to purchase various properties.

They also claimed that since Riza Shahriz managed both companies, he would know that the money originating from 1MDB had been misappropriated for their gain.

The plaintiffs therefore are seeking a declaration that Riza Shahriz is responsible for the misappropriated funds and demand repayment.

Riza in his defence claimed that the funds were obtained from a loan from the Saudi royal family or International Petroleum Investment Company and not from 1MDB funds, adding that it was hard for an unknown film producer to obtain loans from banks and that had compelled him to seek funds from individuals or companies. – Bernama, July 14, 2022.


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