KUALA LUMPUR: The doomed joint venture (JV) between 1Malaysia Development Bhd (1MDB) and PetroSaudi International Ltd (PSI) incurred a US$700mil (RM2.93bil) debt, the High Court heard. Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi said the debt referred to the loan agreement signed by 1MDB-PSI on Sept 25,2009. “The US$700mil (RM2.93bil) loan agreement was between 1MDB-PSI, which gave out the loan, while PetroSaudi Holdings (Cayman) Ltd borrowed the money. Shafee: The JVC (1MDB-PSI) was suddenly in debt (of US$700mil) from the loan agreement, and you did not ask about it? Shafee: If this loan agreement had been presented to the board, they would not have agreed to the terms?

Source: The Star October 21, 2019 08:37 UTC