28.07.2016 - Saudi royal oil group at heart of 1MDB case
US justice department claims $1bn of Malaysian funds for PetroSaudi venture was siphoned off. It is the tale of a little-known but well-connected oil company that was co-founded by a Saudi prince and claims to be a “partner of choice” for multinationals. But US authorities have now left PetroSaudi International grappling with questions over its dealings with the scandal-racked 1MDB, the Malaysian state wealth fund. US investigators last week threw their weight behind longstanding claims that $1bn of Malaysian public money meant for 1MDB’s joint venture with PetroSaudi was instead siphoned off to a Malaysian businessman, who splurged millions on art, partying and a Hollywood film...............................................Full Article: Source
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