The High Court was told Wednesday that no funds from 1Malaysia Development Berhad (1MDB) were used in an oil exploration project between Petrosaudi International Ltd (PSI) with the Venezuelan government and that none of it ever flowed into the escrow account held by United Kingdom law firm, Clyde & Co LLP
KUALA LUMPUR: The hearing of the government’s application to block PetroSaudi International Ltd (PSI), its subsidiary PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ) and Saudi national Tarek Obaid, from using over US$340mil (RM1.55bil) linked to 1Malaysia Development Berhad (1MDB) which was kept in a client’s account at a United Kingdom law firm, has been postponed to Nov 23.
The High Court here Tuesday was told that it was not possible for Petrosaudi Oil Services (Venezuela) Limited (PSOS-VZ) to pursue an oil exploration project with the Venezuelan government without the transfer authorisation of US$185 million from 1Malaysia Development Berhad (1MDB) funds by its parent company, Petrosaudi International Ltd (PSI)
KUALA LUMPUR: The High Court was told that no funds from 1Malaysia Development Berhad (1MDB) were used in an oil exploration project between Petrosaudi International Ltd (PSI) with the Venezuelan government, and that none of it ever flowed into the escrow account held by United Kingdom law firm, Clyde & Co LLP.
KUALA LUMPUR, Sept 21 The High Court today was told today that no funds from 1Malaysia Development Berhad (1MDB) were used in an oil exploration project between Petrosaudi.