KUALA LUMPUR: The management of 1Malaysia Development Berhad (1MDB) should have done the due diligence about the existence of PetroSaudi International...
: The management of 1Malaysia Development Berhad should have done the due diligence about the existence of PetroSaudi International Ltd before 1MDB’s money being channelled into PSI for a joint venture purpose, the High Court was told today.
In 2019, former 1MDB chief executive officer Shahrol Azral Ibrahim Halmi testified in the same trial that the joint venture deal between 1MDB and PSI in 2009 was a failure. Earlier, Muhammad Shafee suggested to Loo that when dealing with 1MDB, it involves sums that were “astronomical” and as general counsel, Loo would have to be satisfied that she was dealing with the right entity.Loo: At that time, I only knew based on the documents given to me such as the letters from the banks and information given to me by Datuk Shahrol Azral Ibrahim Halmi as well.Loo: No.
While Muhammad Shafee maintained that PSI in Saudi Arabia did not exist, Loo countered that there would have been some information available to her which would have referred to PSI.
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