KUALA LUMPUR:"They complained to daddy", fugitive businessman Low Taek Jho, known as Jho Low, allegedly told Datuk Shahrol Azral Ibrahim after the former 1Malaysia Development Berhad chief executive officer reduced the company's investment sum in PetroSaudi International , the High Court heard Thursday .
The court heard that PSI had originally asked for US$750mil but the amount was later reduced to US$330mil after 1MDB's board of directors argued that the company did not have enough funds for its projects in Malaysia. "After a board of directors meeting on April 4,2011, I told Low that 1MDB did not have enough funds for its local projects, such as the Kuala Lumpur International Financial District and Bandar Malaysia; and that it was unable to put in US$750mil into an energy project abroad," he said.The court heard that 1MDB had given the US$330mil to PSI in four tranches of – US$30mil, US$65mil, US$110 mil and US$125mil – from May to October 2011 through its Ambank and Deutsche Bank accounts.
Shahrol told the court that he had later reduced 1MDB's investment amount in PSI from the agreed US$330mil to US$205mil.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaysiakini - 🏆 20. / 51 Read more »