Forfeiture suit hearing against PetroSaudi postponed to Nov 10

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The Kuala Lumpur High Court has postponed the hearing of the government’s US$340 million 1MDB-linked forfeiture suit against PetroSaudi International Limited and four others from Oct 5 to Nov 10.Judge Mohd Nazlan Mohd Ghazali today allowed the postponement due to "new development where parties need to review their respective position and take instruction".The court was informed of this by counsel Alex Tan, who is acting for PetroSaudi Oil Services (Venezuela) Limited (POSL), one of the respondents in the forfeiture suit, during open-court proceedings this morning.Aside from PetroSaudi International and POSL, the other respondents are Petrosaudi International’s director Tarek Obaid (below), Clyde & Co LLP and Temple Fiduciary Services Limited (TFSL).Today was initially set for the hearing of the main forfeiture suit against the five respondents.Tan, during proceed…