This included the fact that 1MDB would be taking on a US$700 million debt immediately upon signing a joint venture agreement (JVA) with PetroSaudi Holdings (PSI) (Cayman) Ltd in 2009. He said almost immediately after that 1MDB signed the JVA, even though he knew that PSI had entered into a loan agreement with its Cayman-based holding company to the tune of US$700 million. To say that this is a loan agreement is a misnomer. It is actually an agreement for PSI to buy a US$1 company in the Caymans for US$700 millionShahrol: I cannot remember whether I saw the agreement. However, he just answered that I should talk to Jho Low.

Source: New Strait Times October 21, 2019 11:26 UTC