1MDB Trial: Liquidator Traces US$5.6B Fraud Through 29 Offshore Entities
Angela Barkhouse testified in the High Court that she traced misappropriated funds from 1Malaysia Development Berhad (1MDB) through 29 offshore entities acting as intermediaries, as part of an ongoing civil suit seeking to recover approximately US$5.64 billion from former prime minister Najib Razak and other individuals.
Tracing the Network of Offshore Intermediaries
Angela Barkhouse, the managing director of Kroll (Cayman) Ltd and an offshore asset recovery specialist, took the stand as the third witness in the civil litigation. According to her testimony, various courts appointed her as a liquidator for 29 distinct offshore entities between July 2021 and May 2025. These corporate structures allegedly served as conduits to siphon and launder money from the sovereign wealth fund.
Among the named corporations are Platinum Global Luxury Services Ltd, Blackrock Commodities (Global) Ltd, Alsen Chance Holdings Ltd, Aabar International Investments PJS Ltd, PetroSaudi International, TKIL Global Investments Ltd, PetroSaudi Oil Services Ltd, and Lucetta Investments Ltd. Barkhouse explained to Judicial Commissioner Redzuan Idrus that her forensic analysis mapped a complex network of offshore entities tied directly to individuals orchestrating the fraud. “My investigations remain ongoing. I continue to obtain and analyse information relating to the fraud on behalf of the liquidated estates, and to pursue claims against parties alleged to have facilitated the movement or laundering of misappropriated funds,” Barkhouse stated during her court appearance.
Defendants and Legal Scope of the Civil Action
On May 7, 2021, the massive recovery lawsuit was officially initiated by the sovereign wealth fund alongside its four subsidiaries: Global Diversified Investment Company Ltd, 1MDB Energy (Langat) Ltd, 1MDB Energy Ltd, and 1MDB Energy Holdings Ltd. The legal action targets former prime minister Najib Razak alongside several former executives who steered the fund during the period of the alleged multi-billion-dollar fraud.
The list of defendants, going beyond just Najib, features former director of investments Kelvin Tan, former chief operating officer Radhi Mohamad, former chief investment officer Vincent Beng, former deputy chief financial officer Terence Geh, former executive director of business development Casey Tang, and former 1MDB CEO Nik Faisal Ariff Kamil. Lead counsel Lim Chee Wee manages the plaintiff’s legal strategy before the Kuala Lumpur High Court.
Cross-Examination Focuses on Jho Low and Conspiracy Networks
During the cross-examination led by Najib’s defense counsel, Shafee Abdullah, the proceedings centered on the role of fugitive financier Low Taek Jho, widely known as Jho Low. Defense counsel pressed the liquidator on whether Jho Low operated as the primary architect behind the multi-billion-dollar scheme.
While Barkhouse acknowledged that Jho Low sat among those at the center of the controversy and conspired to damage the sovereign fund, she noted that she could not definitively label him as the absolute “number one” figure. Her investigative mandate focused strictly on tracking the movement of funds and identifying entities that received the misappropriated assets rather than mapping the entire political hierarchy of the conspiracy.
As the High Court proceedings continue under Judicial Commissioner Redzuan Idrus, the ongoing testimony highlights the intricate nature of global financial investigations and the long road ahead for asset recovery efforts involving billions in missing state funds.