KUALA LUMPUR, Oct. 3 -- The Malaysian High Court has barred PetroSaudi International Ltd (PSI) and its director Tarek Obaid from accessing or dealing with 2.5 million shares in US-based software company Palantir Technologies.

Judge Datuk Azhar Abdul Hamid made the ruling today after allowing deputy public prosecutor Nurul Izzati Sapifee's application under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, The New Straits Times reported today.

Besides Obaid, the ex-parte application also named Palantir as a party to the order, with prosecutors arguing that the shares were linked to funds misappropriated from 1Malaysia Development Bhd (1MDB).

Section 53 of the Act allows the p...