Malaysian Wealth Fund Sues PetroSaudi CEO for $1.8 Billion Over Oil “Sham” ...Middle East

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Malaysian Wealth Fund Sues PetroSaudi CEO for $1.8 Billion Over Oil “Sham”
source : OILPRICE ( Middle East ) () 86
The scandalized Malaysian sovereign wealth fund 1MBD has filed a lawsuit against PetroSaudi International CEO Patrick Mahoney for $1.83 billion over what it says was a sham oil exploration joint venture.  According to the lawsuit, 1MBD (1Malaysia Development Berhad) had been led to believe that Petrosaudi was owned by Saudi royalty, which served as the basis upon which the fund agreed to the JV deal.  The joint venture “was a sham which resulted in 1MDB suffering a complete loss of its investment” of US$1.83 billion, 1MBD…

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