KUALA LUMPUR: A Malaysian court on Thursday (Jul 16) granted an interim order to stop Saudi energy firm PetroSaudi International (PSI) from using ...
KUALA LUMPUR: A Malaysian court on Thursday granted an interim order to stop Saudi energy firm PetroSaudi International from using more than US$340 million in funds in Britain, which Malaysian prosecutors believe was siphoned from state fund 1MDB.
US and Malaysian authorities say about US$4.5 billion was stolen from 1Malaysia Development Berhad in an elaborate scheme that spanned the globe and implicated former Malaysian Prime Minister Najib Razak and US bank Goldman Sachs, among others.Najib has denied wrongdoing. In February, three units of Goldman Sachs pleaded not guilty in a Malaysian court to charges of misleading investors regarding US$6.5 billion in bond sales the US investment bank helped raise for 1MDB.
High court judge Mohd Nazlan Mohd Ghazali imposed a temporary freeze on the funds in Britain held by PetroSaudi, which has links to the Saudi royal family, pending the outcome of an Aug 28 hearing on an application by Malaysian prosecutors seeking an order to prohibit the company and four others from accessing it.
Others named in the application were PSI co-founder Tarek Obaid; PetroSaudi Oil Services Limited; Clyde & Co LLP, which is holding US$500 million of PetroSaudi funds in escrow; and an account under the name Temple Fiduciary Services, which Malaysian prosecutors say allegedly belongs to Tarek.They declined to comment on their clients' position on the case when approached by reporters outside the court.
Co-founded by Najib in 2009, 1MDB entered what would ultimately become a failed joint-venture with PetroSaudi to develop oil fields that year, with US$1 billion paid up front by the Malaysian fund.
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Malaysia will freeze US$340m PetroSaudi funds linked to 1MDBKUALA LUMPUR (BLOOMBERG) - Malaysia granted an interim order to prevent US$340 million (S$473 million) of funds allegedly linked to 1MDB from being moved from Petrosaudi International's accounts in the UK.. Read more at straitstimes.com.
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