Promissory notes for US$2.3 billion worthless, says ex-1MDB CEO

Bede Hong

Former 1MDB CEO Shahrol Azral Ibrahim Halmi testifies he relied on information supplied to him by fugitive and the then 1MDB general counsel Jasmine Loo during the deal for PetroSaudi Oil Services Ltd. – The Malaysian Insight file pic, June 30, 2020.

SIX promissory notes supposedly valued at US$2.32 billion (RM7 billion) and received by 1Malaysia Development Bhd for the sale of its stake in PetroSaudi Oil Services Ltd (PSOL) were essentially worthless, Kuala Lumpur High Court heard today.

1MDB received the notes from Cayman-island based Bridge Partners International Investment after the sovereign wealth fund sold its 49% equity US$2.2 billion stake in the PetroSaudi International subsidiary in August 2012, months after purchasing it, former 1MDB CEO Shahrol Azral Ibrahim Halmi said.

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