1MDB failed to get back US$2.2 bil pumped into Saudi oil company, court told

Former 1MDB CEO Shahrol Azral Ibrahim says he assigned the task of bringing the money back home to then 1MDB general counsel Loo Ai Swan.

Previously the court had heard that 1MDB paid US$1 billion in 2009 for a 40% stake in the joint venture while PetroSaudi held the remaining 60%. The funds were later converted into Islamic murabaha notes. The then 1MDB directors were Ismee Ismail, Che Lodin Wok Kamaruddin, Ong Gim Huat and Ashwin Jethanand.

Shahrol disagreed, saying what was done was “acceptable” as the company wanted to close its accounts before March 31, 2012.Shafee then pointed out that the US Department of Justice described the restructuring of the joint venture funds into murabaha notes and subsequently shares in the oil company as “attempts to obscure 1MDB’s investment in the joint venture”.

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