BETWEEN September 2009 and October 2011, 1MDB paid a total of US$1.83 billion to entities that were later revealed by investigators to be sham companies, the court heard today in the Najib Razak trial.Former 1MDB CEO Shahrol Azral Ibrahim Halmi told the Kuala Lumpur High Court today that the amount was transferred to companies controlled either by Low Taek Jho, better known as Jho Low, or PetroSaudi International CEO Tarek Obaid.
The transactions include US$300 million to 1MDB-PetroSaudi Ltd and US$700 million to Good Star Ltd on September 30, 2009, purportedly as cash capital for a 40% stake in a joint venture with PetroSaudi International. Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one week free access!
Source: News Formal (newsformal.com)
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