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PUBLISHED: Mar 1, 2015 1:32pm

PetroSaudi slams ‘malicious and slanderous’ claim about 1MDB monies

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Source:
TRP

Slamming the media reports as 'malicious' and containing wild allegations, Petrosaudi International explained that it had paid 1MDB in full.

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KUALA LUMPUR, March 1, 2015:

PetroSaudi has gone on to “state categorically” that all funds from 1Malaysia Development Berhad (1MDB) went to its owned entities.

In a statement, it stressed that any other inference of such was false.

PetroSaudi International is a privately owned oil exploration and production company founded in 2005.

It was jointly initiated by Saudi businessman Tarek Obaid and Prince Turki bin Abdullah Al Saud, a son of Saudi Arabia’s King Abdullah.

Slamming the media reports as “malicious” and containing wild allegations, Petrosaudi International explained that it had paid 1MDB in full.

“Both parties no longer have any further financial or legal obligation,” it  said in a statement.

The statement said: “We refer to certain media reports which have made malicious and wild allegations with respect to PetroSaudi’s partnership with 1Malaysia Development Berhad (1MDB).

“We wish to state categorically that all funds from 1MDB went to PetroSaudi owned entities, any other inference of such is false.

“Upon 1MDB’s exit, PetroSaudi has paid 1MDB in full and both parties no longer have any further financial or legal obligation.

“Finally, we are seeking legal advice on the appropriate course of action to these malicious and slanderous allegations.”

While it did not specify the report, it is believed that Petrosaudi was alluding to an article by the Sarawak Report, entitled “Heist of the Century — How Jho Low Used PetroSaudi As ‘A Front’ To Siphon Billions Out Of 1MDB!”.

According to the portal, it had obtained access to documents and emails relating to transactions by 1MDB, including its initial joint venture with PetroSaudi from 2009.

The report alleged that the entire joint venture project was conceived, managed and driven through by tycoon Jho Low.

The statement went on to clarify that the emails were fabricated and that it is false that companies controlled by Jho Low received monies from 1MDB.

It had been earlier reported that 1MDB in its audited accounts by Deloitte had confirmed that they had received US$2.3 billion from PetroSaudi, in addition to dividends generating a total profit of US$488 million and has fully exited this investment with PetroSaudi.

Refer to earlier report here.

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