1MDB-petrosaudi

1MDB cleared of wrongdoing in PetroSaudi JV

On February 26, 2015, an article has been issued by the Rakyat Post in which the journalist made a criticism of two articles about a supposedly shaddy deal between 1MDB, a Malaysian investment fund and PetroSaudi, a Saudi oil company.

The journalist Lim Sian See complained about his fellows’ articles stating that they demonstrated a very « poor […] understanding of business ».

Lim Sian See was more than dubious about some claims made by lawmaker Tony Pua, stating that the joint venture between PetroSaudi and 1MDB was an attempt « to syphon US$700 million from 1MDB to PetroSaudi ».

The truth of the matter is that in a recent statement, the 1MDB Chairman of the Board of Directors claimed that the original loan had been redeemed in full and with interest.

In 2011, 1MDB created a joint venture with PetroSaudi but since things didn’t work out, 1MDB asked for its money back and received a total of US$2.318 billion (including interest in Cayman).

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