00:00 The High Court in Kuala Lumpur has dismissed former OneMalaysia Development Berhad 1MDB
00:08 Chief Executive Officer Arukanda Kandasamy and its former chairman Tan Sri Muhammad A1
00:14 Srega Abdullah Sped to strike out a US$6.59 billion suit filed by 1MDB against them.
00:23 High Court Judicial Commissioner Tatoo Raja Ahmad Mozanuddin Shah Raja Mozan in dismissing
00:29 the duo's applications on Wednesday, ruled that the suit must go to full trial as the
00:34 court needed to hear testimonials from the witnesses.
00:38 He then ordered Arukanda and Muhammad A1 to pay RM10,000 each as costs to 1MDB and fix
00:46 September 14 for case management.
00:49 Muhammad A1 filed the application to strike out the suit on February 18, 2022, on the
00:55 grounds that it was premature as the investment of Brazen Sky Ltd and the payment of Abar
01:02 Investments PJS Ltd were clearly unsustainable since the court had yet to determine that
01:08 1MDB suffered losses of US$1.83 billion and US$3.5 billion.
01:17 Arukanda filed the same application on June 2, 2022, on the grounds that he cannot be
01:23 held responsible for the losses incurred by 1MDB due to irregularities committed by others.
01:31 In May 2021, 1MDB filed a suit against the duo over an alleged breach of trust and conspiracy
01:39 causing 1MDB to suffer losses amounting to US$1.83 billion in relation to its investment
01:47 in 1MDB Petrol Saudi Ltd, which was converted into the alleged Brazen Sky Ltd investment
01:54 said to be found in the breach global fund.
01:58 1MDB also claimed that Arukanda and Muhammad A1 committed a breach of trust and conspiracy
02:04 by misappropriating 1MDB's funds amounting to US$3.5 billion paid to Abar Investments
02:13 and US$1.265 billion paid to international petroleum investment company IPIC on May 9,
02:22 2017.
02:23 1MDB alleged that Muhammad A1 also conspired with Arukanda to cause the company to implement
02:30 the Employment Extension Agreement and made a substantial payment of over RM2.9 million
02:37 to Arukanda in accordance with the agreement regardless of 1MDB's interests, causing the
02:43 company to suffer losses and damage.
02:46 In this regard, 1MDB, among others, demanded that the two defendants pay US$6.59 billion
02:54 for the breach and additional RM2.9 million from Muhammad A1 in relation to the Employment
03:00 Extension Agreement.
03:02 The court also ruled that Muhammad A1, who was the first to report the breach, was not
03:06 guilty of any crime.
03:07 The court also ruled that Muhammad A1 was not guilty of any crime.
03:08 In this regard, the court ruled that Muhammad A1 was not guilty of any crime.
03:09 In this regard, the court ruled that Muhammad A1 was not guilty of any crime.
03:09 [BLANK_AUDIO]
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