1MDB board of directors not informed of decision to split US$1bil funding, court told

KUALA LUMPUR: The board of directors (BOD) of 1Malaysia Development Bhd (1MDB) was not informed of the decision to split a US$1bil funding meant for 1MDB-Petrosaudi International (PSI) joint venture (JV) into US$300mil and US$700mil, the High Court heard.

The bigger portion of US$700mil eventually went to Good Star Ltd, a company that was initially represented as a PSI subsidiary but later revealed to be owned by fugitive financier Low Taek Jho, or better known as Jho Low.