Forfeiture: Jakel Trading Sdn Bhd to get back RM10 mln seized by MACC

The government today failed in its bid to stay the execution of the High Court order in dismissing the Malaysian Anti-Corruption Commission’s (MACC) motion to forfeit RM10,747,042.77 million that was seized from Jakel Trading Sdn Bhd.

The money was seized for allegedly linked to the 1Malaysia Development Berhad (1MDB) fund scandal.

High Court Judge Datuk Muhammad Jamil Hussin dismissed the prosecution’s application to stay the ruling, made on March 3 this year in rejecting MACC’s forfeiture suit against the textile wholesale supplier.

In his ruling, Justice Muhammad Jamil held that the prosecution had failed to show special circumstances for the court to warrant such a stay.

The application was filed on March 17 to stay the ruling and prevent the monies from being released to Jakel pending its appeal to the Court of Appeal.

Earlier, deputy public prosecutor Farah Yasmin Salleh from MACC submitted that the monies should not be released as it would all be spent by the respondent.

There is no guarantee that the money can be reclaimed if the prosecution succeed in its appeal at the Court of Appeal, she added.

Lawyer Thevini Nayagam, representing Jakel, submitted that the company has an annual income of hundreds of millions and the financial capacity to repay the money if the prosecution succeeds in its application.

In June last year, the MACC filed a civil forfeiture suit against 41 entities, comprising individuals, companies and political parties, under the Anti-Money Laundering and Anti-Terrorism Financing Act to recover about RM270 million believed to be linked to 1MDB.

MACC believed the money was illegally transferred from former Prime Minister Datuk Seri Najib Tun Razak’s bank accounts.
BERNAMA