KUALA LUMPUR: 1Malaysia Development Bhd is suing Patrick Mahony of PetroSaudi International Ltd and a law firm in Britain for US$1.83bil for alleged dishonest assistance in an investment it partook in.
It named Mahony, who is PSI's chief investment officer, and White & Case LLP as the first and second defendants, respectively. It claimed that the company's board was fraudulently misled that PSI was owned by King Abdullah of Saudi Arabia when in actual truth it was not.“The assets that were injected by PetroSaudi Holdings Ltd into the joint-venture company were worth substantially less than US$1.5mil at the material time," it stated.
It claimed Mahony had engaged and instructed White & Case in the JV, whereby the law firm also had acted dishonestly in the fraud.