KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has lifted its freeze order on two share trading accounts of former 1Malaysia Development Bhd (1MDB) Chief Executive Officer, Arul Kanda Kandasamy, who is currently facing a corruption charge.
With that, the MACC has released two Maybank Central Depository System (CDS) bank accounts yesterday, following a notice of motion filed by Arul Kanda to challenge the freeze.
The accounts were held earlier for investigations related to the 1MDB scandal.
Arul Kanda’s lawyer, Datuk S. Sivananthan told the court that his client would like to withdraw the notice for the motion as the two accounts have been unfreeze and High Court Judge Mohamed Zaini Mazlan proceeded to strike out the motion.
Arul Kanda, who absent on medical leave had also sought for damages for loss of investment opportunities with interest from the date his accounts were supposedly released on 13 July 2019, until the date of the release of the accounts.
According to Sivananthan, all of his client’s nine bank accounts including two Maybank Central Depository System (CDS) bank accounts were frozen by the MACC under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
However, the law only provides the MACC to freeze bank accounts for one year period.
“Nothing was done, there were no prosecution or forfeiture action under the Act carried out within the one-year period, we then wrote to the MACC to unfreeze them,” he said. – MalaysiaGazette