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1MDB trial: PetroSaudi CEO given US$85 million from 1MDB JV

Big bucks went from Low (right) to Tarek (left).

Syndicated News
Written by Syndicated News

KUALA LUMPUR — Oct. 30, 2019: IT was the kind of deal almost unheard of anywhere in the world but a company CEO was paid US$85 million for a joint venture involving his company and 1MDB.

The money was paid by Good Star Ltd., believed to be owned by fugitive Penang businessman Jho Low, to Tarek Obaid, also the co-founder of PetroSaudi International.

This was confirmed today by former 1MBD CEO Datuk Shahrol Azral when he was shown a JP Morgan bank statement by Tan Sri Muhammad Shafee Abdullah, the lead counsel for former prime minister Datuk Seri Najib Razak who is facing 25 charges relating to RM2.3 billion of 1MDB money.

The payment apparently was a commission. From that amount, US$33 million was given by Obaid to PetroSaudi director Patrick Mahoney.

The hearing before Judge Collin Lawrence Sequerah continues tomorrow.

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