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Malaysia's scandal-hit state fund 1Malaysia Development Berhad (1MDB) has filed a lawsuit against a top PetroSaudi International executive seeking the return of $1.83 billion invested in a joint venture, state news agency Bernama reported on Thursday.
The insolvent sovereign fund claims Patrick Mahony misled it into believing a Saudi King owned the oil company and that he assisted former prime minister Najib Razak in the misappropriation of state finances.
It claims to have been misled into the 2009 joint venture.
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) is suing Patrick Mahony of PetroSaudi International Ltd (PSI) and a law firm in Britain for US$1.83bil (RM8.61bil) for alleged dishonest assistance in an investment it partook in.
Malaysia's scandal-hit state fund 1Malaysia Development Berhad has filed a lawsuit against a top PetroSaudi International executive seeking the return of $1.83 billion invested in a joint... -May 23, 2024 at 08:52 am EDT - MarketScreener