1MDB received all its money back from PetroSaudi Joint Venture
In a report dated March 1st, the online news outlet Free Malaysia Today has confirmed that 1MDB, the Malaysian sovereign fund that had entered into a joint venture agreement with Saudi oil and gas company PetroSaudi in 2009, that the invested money has been fully repaid.
In its article titled PetroSaudi: all money went back to 1MDB, Free Malaysia Today relays information stating that PetroSaudi International has denied acting as a front in order to allow businessman Jho Low to siphon $700 million.
In its press release, PetroSaudi said all funds from 1MDB went to PetroSaudi-owned entities and any other inference was false.
The oil and gas company also mentioned some media reports had made malicious and harmful allegations about its partnership with 1MDB.
“Upon 1MDB’s exit, PetroSaudi had paid 1MDB in full and both parties no longer have any financial or legal relationship,”
The company’s statement also said they were seeking legal advice on the appropriate course of action in addressing the “malicious and slanderous allegations”.
The comment is thought to be referring to the recent publication of confidential documents pertaining to the joint venture by the Sarawak Report, an independent militant journalism platform.
1MDB has also confirmed the complete redemption of its investment, along with a substantial profit.