Most of 1MDB funds pumped into PetroSaudi instead of development projects, court told

KUALA LUMPUR: The High Court was told that most of the funds raised by 1Malaysia Development Bhd (1MDB) - which was intended for the development of two mega projects - was instead pumped to PetroSaudi International Ltd (PSI).

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, testified that the plan was for 1MDB to raise RM5bil and RM10bil through bridging loan facilities for the Kuala Lumpur International Financial District (KLFID) (also known as Tun Razak Exchange or TRX) and Bandar Malaysia, a project located at the former Sungai Besi airport site.