PETALING JAYA: The board of 1Malaysia Development Bhd (1MDB) was unaware of diversion of US$700mil (RM2.6bil) in funds meant for a joint venture company it set up together with PetroSaudi International Ltd (PSI).
The members were also unhappy with the manner and speed in which the agreements were signed to set up the joint venture company called 1MDB PetroSaudi Ltd on Sept 28, 2009.
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