1MDB investment decisions involving PetroSaudi made without detailed assessment - Business News - News Summed Up

1MDB investment decisions involving PetroSaudi made without detailed assessment - Business News


KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) investment decisions in joint-venture companies involving PetroSaudi were made within eight days, without a detailed assessment process and before the issues or conditions raised by the 1MDB Board are resolved, the declassified auditor-general’s report on 1MDB released on Tuesday stated. 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 Sept 28, 2009. Among them was an advance received by 1MDB PetroSaudi Ltd amounting to US$700mil 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$700mil payment into the account of the other company, the report stated.


Source: The Star May 16, 2018 05:55 UTC


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