KUALA LUMPUR – PetroSaudi International has denied a report claiming that all funds from 1Malaysia Development Berhad (1MDB) went to it, as false.
PetroSaudi International is a privately owned oil exploration and production company founded in 2005.
It was jointly initiated by Saudi businessman Tarek Obaid and Prince Turki bin Abdullah Al Saud, a son of Saudi Arabiaâ€™s King Abdullah.
Slamming the media reports as â€œmaliciousâ€ and containing wild allegations, Petrosaudi International explained that it had paid 1MDB in full.
â€œBoth parties no longer have any further financial or legal obligation,â€ it said in a statement.
It went on to state that it was seeking legal advice on the appropriate course of action to the â€œslanderous allegationsâ€.
While it did not specify the report, it is believed that Petrosaudi was alluding to an article by the Sarawak Report, entitled â€œHeist of the Century â€” How Jho Low Used PetroSaudi As â€˜A Frontâ€™ To Siphon Billions Out Of 1MDB!â€.
According to the portal, it had obtained access to documents and emails relating to transactions by 1MDB, including its initial joint venture with PetroSaudi from 2009.
The report alleged that the entire joint venture project was conceived, managed and driven through by tycoon Jho Low. – therakyatpost.com