1MDB JV inherited large debt

  • Nation Premium
  • Tuesday, 22 Oct 2019

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi at the Kuala Lumpur High Court.

KUALA LUMPUR: The doomed joint venture (JV) between 1Malaysia Development Bhd (1MDB) and PetroSaudi International Ltd (PSI) incurred a US$700mil debt, the High Court heard.

The debt was inherited by the JV company 1MDB-PetroSaudi Ltd (1MDB-PSI), which was formed when the JV was signed, while it was fully owned by PSI.

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