MACC rush to stop London law firm from releasing US$340m in suspected 1MDB funds but may already be too late

The Malaysian Anti-Corruption Commission has urgently launched a lawsuit in London to prevent a law firm there from disbursing US$340 million (RM1.44 billion) allegedly belonging to 1MDB. ― Picture by Azneal Ishak
The Malaysian Anti-Corruption Commission has urgently launched a lawsuit in London to prevent a law firm there from disbursing US$340 million (RM1.44 billion) allegedly belonging to 1MDB. ― Picture by Azneal Ishak

KUALA LUMPUR, Aug 3 — The Malaysian Anti-Corruption Commission has urgently launched a lawsuit in London, UK to prevent a law firm there from disbursing US$340 million (RM1.44 billion) allegedly belonging to 1MDB.

According to The Guardian, British investigators examining the 1MDB corruption scandal have alleged that the sum held by the London law firm was likely held on behalf of Saudi businessman Tarek Obaid.

Tarek has been accused of involvement in the scandal but has maintained his innocence throughout.

Last month, the MACC secured an interim order from the High Court that prohibited any movement of the US$340 million held in escrow by the Clyde & Co LLP firm in the UK.

The anti-corruption agency said the law firm had “recently applied” for permission from UK’s National Crime Agency to disburse some of the funds to Tarek.

The MACC and UK investigators said in the joint filing made last week that a freeze on the funds was “a matter of urgency”.

The Guardian said the law firm did not answer when asked if the funds have already been disbursed.

“As a firm we hold ourselves to the highest professional and ethical standards and take responsibility for ensuring we meet all of our professional, legal and regulatory obligations,” a spokesman said on behalf of Clyde.

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