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Malaysia court bars PetroSaudi from accessing $456m linked to IMDB
The Straits Times
|December 12, 2024
A Malaysian court on Dec 11 approved the government's application to bar PetroSaudi International and its chief executive from accessing US$340 million (S$456 million) connected to the scandal-wracked 1MDB sovereign wealth fund.
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Kuala Lumpur High Court Judge Ahmad Shahrir Salleh said there was enough evidence to show that the money involved was linked to money laundering activities.
Approving the application effectively bars PetroSaudi and its chief executive Tarek Obaid from accessing the money.
Others prohibited include subsidiary PetroSaudi Oil Services (Venezuela), Britain-based law firm Clyde & Co and Temple Fiduciary Services.
This story is from the December 12, 2024 edition of The Straits Times.
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