1MDB persuaded to sign up for new deal despite PetroSaudi JV flop, court told | The Malaysian Insight

Former 1MDB CEO Shahrol Azral Ibrahim Halmi has told the 1MDB trial that the sovereign wealth fund's management was persuaded to enter another joint venture with PetroSaudi International even though the first deal was dubious. – The Malaysian Insight pic by Hasnoor Hussain, November 4, 2019.

DESPITE a 2009 joint venture where US$1 billion was unaccountably channeled elsewhere, the 1Malaysia Development Bhd board was persuaded to enter another joint venture with PetroSaudi International the following year, the high court heard today. Former 1MDB CEO Shahrol Azral Ibrahim Halmi testified that the board was persuaded to agree to a PSI proposal to jointly invest in a French energy firm GDF Seuz for 4.23% stake.

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