Tarek Obaid had control when US$120mil in 1MDB funds transferred into escrow account, court hears

KUALA LUMPUR: The High Court was told that Petrosaudi International Ltd (PSI) director Tarek Obaid had absolute control over the company's accounts and have purportedly caused some US$120mil from 1Malaysia Development Berhad (1MDB) and PSI joint venture company to be transferred into an escrow account.

Deputy Public Prosecutor Budiman Lutfi Mohamed in his submission said Obaid, at all material times, was the one who had ultimate control of the Petrosaudi accounts including the transfers of the funds, as he was the authorised signatory for these accounts.