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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Market

1MDB-PetroSaudi deal includes repaying US$700 million debt

Posted on 19 February 2015

Online news portal Sarawak Report has published a 26-page document, revealing sovereign fund 1Malaysia Development Berhad (1MDB) had paid US$1 billion of public funds into a shady venture with Petrosaudi International, despite its lack of a tangible track record.
“What the document reveals is that the prime minister and his advisors at 1MDB paid USD1 billion of borrowed public money into a venture that already carried a USD700 million debt in the form of a loan from PetroSaudi’s parent company to the subsidiary that was entering into the joint venture, PetroSaudi Holdings (Caymans) Limited,” it said in its report………………………………………..Full Article: Source


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