Most of 1MDB funds pumped into PetroSaudi instead of development projects, court told

KUALA LUMPUR: The High Court was told that most of the funds raised by 1Malaysia Development Bhd (1MDB) - which was intended for the development of two mega projects - was instead pumped to PetroSaudi International Ltd (PSI).

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, testified that the plan was for 1MDB to raise RM5bil and RM10bil through bridging loan facilities for the Kuala Lumpur International Financial District and Bandar Malaysia, a project located at the former Sungai Besi airport site.

When asked if the former premier had ever said he knew for a fact who specifically was the owner of PSI, the witness said"Najib never said that". Shahrol: In general yes. But in this situation, in my perception, Najib was the one who has personally invested in this relationship, has met up with Prince Turki on a holiday. I cannot say one way or the other if the prime minister would have the capacity to do due diligence.

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