1MDB: JV with PetroSaudi decided hastily - News Summed Up

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1MDB: JV with PetroSaudi decided hastily

Joint-venture investments by controversial 1MDB with companies abroad began in 2009 with the intention of exploring investment opportunities overseas. The first joint venture was signed between 1MDB, PetroSaudi Holdings (Cayman) Ltd and 1MDB PetroSaudi Ltd on September 28, 2009. Besides that, the JV agreement contained clauses that lacked in guarding the interests of the company. Among them was an advance received by 1MDB PetroSaudi Ltd amounting to US$700 million from its parent company, PetroSaudi Holdings (Cayman) Ltd on Sept 25, 2009, to be fully repayable on or before Sept 30, 2009. Board approval of 1MDB was also not obtained before making the US$700 million payment into the account of the other company, the report stated.

Source: The Nation Bangkok May 16, 2018 18:00 UTC