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”.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ex-1MDB CEO: Jho Low behind ploy to hide fact that company’s billions lost from board, can’t say if Najib was hoodwinked | Malay MailKUALA LUMPUR, June 30 — Businessman Low Taek Jho was the one who had instructed on what is now apparently a plot to prevent 1Malaysia Development Berhad’s (1MDB) board of directors from finding out that the company’s overseas “investment” worth billions of ringgit was in fact lost and...
Source: malaymail - 🏆 1. / 86 Read more »