1MDB’s attempt to transfer its US$6.59 billion suit against former CEO Arul Kanda and ex-chairman Mohd Irwan Serigar Abdullah was rejected by the High Court. Judicial Commissioner Raja Ahmad Mohzanuddin Shah Raja Mohzan dismissed the bid, ordering 1MDB to pay RM4,000 in costs to each defendant.
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Arul Kanda back in the news
The trial, scheduled for September, revolves around alleged breaches of trust and conspiracy causing massive losses. 1MDB accuses the defendants of misappropriating funds and demands compensation. Separately, 1MDB filed an US$8 billion suit against former Prime Minister Najib Razak and others, heard by High Court Judge Atan Mustaffa Yussof Ahmad.
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