Malaysia’s state fund 1MDB sues PetroSaudi executive, seeking $1.83 bln

KUALA LUMPUR, May 23 (Reuters) – Malaysia’s scandal-hit state fund 1Malaysia Development Berhad (1MDB) has filed a lawsuit against a top PetroSaudi International executive seeking the return of $1.83 billion invested in a joint venture, state news agency Bernama reported on Thursday.

The fund entered what would ultimately become a failed joint venture with PetroSaudi to develop oil fields in 2009.

In a May 7 court filing to the Kuala Lumpur High Court, 1MDB alleged that PetroSaudi Chief Investment Officer Patrick Mahony aided several individuals, including former Malaysian Prime Minister Najib Razak and fugitive financier Jho Low, to misappropriate its funds.

Source: REUTER