PetroSaudi: all money went back to 1MDB


Company at centre of 1MDB storm says money has been fully repaid

(Free Malaysia Today) – PetroSaudi International, parent company of a joint venture partner of 1Malaysia Development Bhd, has denied acting as a front for Penang businessman Jho Low to siphon off a US$700mil loan.

In a statement quoted by Bernama, the company said all funds from 1MDB went to PetroSaudi-owned entities and any other inference was false.

The company said certain media reports had made malicious and harmful allegations about its partnership with 1MDB.

“Upon 1MDB’s exit, PetroSaudi had paid 1MDB in full and both parties no longer have any financial or legal relationship,” the privately-owned oil exploration and production company said in a statement today.