1MDB a fool to have paid US$1bil (RM4.18bil) for 1MDB-PSI joint venture, court heard

KUALA LUMPUR (Bernama): 1Malaysia Development Berhad (1MDB) was a fool to have paid US$1bil (RM4.18bil) to obtain a 40% stake in the 1MDB and Petro Saudi Holdings (Cayman) Ltd joint venture (JV), while PetroSaudi International Ltd (PSI) only injected US$108mil (RM452mil) to get a 60% share, the High Court heard on Thursday (Oct 24).

Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi agreed to this suggestion by defence lead counsel Tan Sri Muhammad Shafee Abdullah when queried at the 1MDB trial of former prime minister Datuk Seri Najib Razak.