Nov 13 ruling on Naimah’s bid to intervene in RM1.1bil Jersey assets case

Naimah Khalid is said to hold US$157.5 million and 85 million pounds in assets in Jersey, allegedly acquired in Malaysia but not declared to the tax authorities. (Bernama pic)

KUALA LUMPUR: The High Court here has set Nov 13 to deliver its decision on Naimah Khalid’s bid to intervene in the prosecution’s application to block her and her associates from dealing with assets worth more than RM1.1 billion located in Jersey, a British Crown dependency.

Justice Jamil Hussin set the date today after hearing submissions from deputy public prosecutors Mahadi Abdul Jumaat and Siti Amira Ali, representing the Malaysian Anti-Corruption Commission, and lawyers Gurdial Singh Nijar and Abraham Au, representing Naimah.

“I need time to consider the issues raised by the parties involved. The decision date is set for Nov 13, at 9am,” the judge said.

MACC had filed an ex parte application to prevent Naimah, the widow of former finance minister Daim Zainuddin, or any party related to her from managing offshore assets totalling US$157.5 million (about RM667 million) and 85 million pounds (RM490.7 million) located in the British Crown dependency.

Earlier, Mahadi submitted that the assets in question amounted to more than RM1 billion, and the prosecution had applied for a prohibition order to enable a detailed investigation to be carried out on them.

He said that Naimah, in her application and affidavit, did not state her interests in the assets in question nor her role in the companies involved.

“If she wants to become an intervener, she must show the court that she has a ‘legal interest’ in the assets and that her rights will be affected by the court’s order.

“We merely seek to maintain the status quo during the investigation period, and if no offence is detected, we will withdraw this application,” he said.

Au argued that the public prosecutor, through an affidavit, had said the application for the prohibition order was made based on a predicate offence being investigated.

“Therefore, it is clear that the matter concerns assets owned by the intervener,” he said.

MACC filed the ex parte application on June 25, alleging that the assets were acquired in Malaysia by Naimah or individuals linked to her, and were not declared to the Inland Revenue Board.

The application was made under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, following investigations under Section 4(1) of the same Act and Section 113 of the Income Tax Act 1967.

This marks the prosecution’s third application, after two earlier bids involving assets in the UK and Singapore.

On May 22, MACC chief commissioner Azam Baki revealed that eight investigation papers had been initiated based on fresh information from foreign agencies regarding assets linked to Daim, his family and proxies.

Azam said the information indicated that the assets had not been declared during MACC’s 2023 investigations.