PetroSaudi still owes 1MDB up to US$2.2b as of 2015, court told
KUALA LUMPUR (Nov 5): Datuk Shahrol Azral Ibrahim Halmi, former CEO of 1Malaysia Development Bhd (1MDB), says today PetroSaudi International Ltd (PSI) has accumulated "around US$2.
Despite ‘zero governance’ of 1MDB-PetroSaudi JV, partnership continued to maintain ‘strategic relationship’
KUALA LUMPUR (Nov 5): The High Court here was told that the joint venture (JV) between 1Malaysia Development Bhd (1MDB) and PetroSaudi International (PSI) in 2009 had “zero governance”, yet the former persisted in partnering with the latter to preserve their “strategic relationship”, a witness said.
Most of the funds raised for TRX, Bandar Malaysia went to PSI instead, says Shahrol
KUALA LUMPUR (Nov 4): Former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi (pictured, left) today revealed that most of the funds raised by the sovereign wealth fund intended to be utilised for the development of Tun Razak Exchange (TRX) and Bandar Malaysia had instead gone to PetroSaudi International Ltd (PSI).
1MDB-Tanore Trial: Only three people has pictures of Najib's swollen eyes
KUALA LUMPUR (Oct 31): Enlarged pictures of former prime minister Datuk Seri Najib Abdul Razak's swollen eyes were shared to High Court Justice Collin Lawrence Sequerah today, as the defence team had requested to postpone court proceedings because the former premier's eyes were painful.
Jho Low in UAE, has asylum in third country
PETALING JAYA (Oct 31): The key figure in the 1Malaysia Development Bhd scandal Low Taek Jho, better known as Jho Low, is currently in the United Arab Emirates and and has obtained asylum in another country on the basis of human rights and political persecution, legal sources told The Malaysian Insight (TMI).
Court fixes Dec 16 to mention Goldman's alleged conduct of misleading investors in 1MDB bond issuance
KUALA LUMPUR (Oct 31): The High Court has fixed Dec 16 as the next case mention date for charges (change to summons) against three Goldman Sachs entities in the latter's alleged conduct of misleading investors in the issuance of three 1MDB bonds.
Jho Low confirms asset settlement with US, maintains innocence
KUALA LUMPUR (Oct 31): Fugitive businessman Low Taek Jho confirmed today he has reached a landmark comprehensive, global settlement with the US government to resolve the US' civil and criminal actions relating to his assets.
US reaches settlement to recover more than US$700m in assets allegedly traceable to corruption involving 1MDB
PETALING JAYA (Oct 31): The Department of Justice has reached a settlement of its civil forfeiture cases against assets acquired by Low Taek Jho, aka Jho Low, and his family using funds allegedly misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.
Court orders Works Minister, de-facto Law Minister and Govt to be defendants in contractor's suit
KUALA LUMPUR (Oct 30): The High Court today ordered the Works Minister, the de-facto Law Minister and government to be defendants in a suit brought by contractor Mega Sasa Sdn Bhd against the Asian International Arbitration Centre (AIAC), its director Vinayak Pradhan, Kinta Bakti Sdn Bhd and one Soh Lieh Sieng.
1MDB invested additional US$1.5b despite zero returns from first US$1b
KUALA LUMPUR (Oct 30): Even though 1Malaysia Development Bhd (1MDB) had yet to see any returns from its US$1 billion investment in its joint venture (JV) with PetroSaudi International Ltd (PSI), former chief executive officer Datuk Shahrol Azral Ibrahim Halmi told the High Court he did not find it odd or "hare-brained" to fork out another US$1.
