Malaysia's scandal-hit state fund 1Malaysia Development Berhad (1MDB) has filed a lawsuit against a top PetroSaudi International executive seeking the return of $1.83 billion invested in a joint venture, state news agency Bernama reported on Thursday.
Malaysia s scandal-hit state fund 1Malaysia Development Berhad has filed a lawsuit against a top PetroSaudi International executive seeking the return of $1.83 billion invested in a joint. -May 23, 2024 at 08:52 am EDT
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Malaysia's 1MDB sues PetroSaudi executive, seeking US$1.83 billion scmp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scmp.com Daily Mail and Mail on Sunday newspapers.
The scandal-ridden state fund 1Malaysia Development (1MDB) has dropped its $1 billion civil lawsuit against its former law firm Wong & Partners and the head of its corporate practice, Brian Chia, over losses suffered by the fund, media reports said.
According to the Malay Mail, 1MDB, represented by Chee Wee Partnership, withdrew its suit earlier this month. 1MDB had sued Wong & Partners, Baker McKenzie’s Malaysia member firm, and Chia for breach of contractual, statutory, common law and fiduciary duties, as well as dishonest assistance that led to misappropriation of funds from the group, the newspaper added.
In May, Malaysia’s Finance Ministry had confirmed that 22 lawsuits were filed by 1MDB and its former subsidiary SRC International, with the defendants including Wong & Partners and Chia.