Deal for 1MDB's 49% stake in PetroSaudi Oil Services dubious, court hears


Bede Hong

Former prime minister Najib Razak at the Kuala Lumpur court complex today. – The Malaysian Insight pic by Afif Abd Halim, May 21, 2020.

1MALAYSIA Development Bhd’s 2012 deal to convert US$2.23 billion (RM6.7 billion in the exchange rate at the time) in Murabaha notes via an equity purchase of a 49% stake in PetroSaudi Oil Services Ltd (PSOSL) was dubious, the high court heard today.

Former 1MDB CEO Shahrol Azral Ibrahim Halmi testified at the 1MDB trial today that the deal, which was to help repatriate money back from a joint venture deal with PetroSaudi International, had financial reporting holes. PSOL was a PSI subsidiary.


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