1MDB a fool to have paid US$1bil (RM4.18bil) for 1MDB-PSI joint venture, court heard

📆 10/24/2019 5:22 PM
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KUALA LUMPUR (Bernama): 1Malaysia Development Berhad (1MDB) was a fool to have paid US$1bil (RM4.18bil) to obtain a 40% stake in the 1MDB and Petro Saudi Holdings (Cayman) Ltd joint venture (JV), while PetroSaudi International Ltd (PSI) only injected US$108mil (RM452mil) to get a 60% share, the High Court heard on Thursday (Oct 24).

I don't remember.

Muhammad Shafee then referred the witness to a media report, which stated that the assets in Turkmenistan were owned by Buried Hill Energy Co Ltd. According to the counsel, the publication had obtained the rights to all the documents stolen from PSI by former PSI executive Xavier Andre Justo before he fled to Bangkok, Thailand.You agree with me, if Turkmenistan asset was swiped under our feet, if it was not an asset of PSI, 1MDB needed to inject only US$108mil to match the Argentinian assets.Interesting, because we look like fools. 1MDB looked like fools. 1MDB, like fools, put in US$1bil for 40%. They only put in US$108mil and took 60%.

Najib, 66, faces four charges of using his position to obtain bribes totalling RM2.3bil from 1MDB funds and 21 charges of money laundering involving the same amount.

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NajibRazak, 1MDB is willing to accept anything n any terms thrown at him even. His lawyer refered 1MDB investment as foolish thus we can somehow guess who is the big fool amongst the fools in this scandal.

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