KUALA LUMPUR: The joint venture (JV) between 1Malaysia Development Bhd (1MDB) and PetroSaudi International Ltd (PSI), which was set up in 2009 with more than US$1bil capital injection, was a failure, the High Court heard.
Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, admitted this during cross-examination at the corruption trial of Datuk Seri Najib Razak involving RM2.28bil 1MDB funds here on Tuesday (Nov 5).
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