Petrosaudi project in Venezuela impossible without 1MDB funds, court hears

KUALA LUMPUR: The High Court here was told that it was not possible for Petrosaudi Oil Services (Venezuela) Limited (PSOS-VZ) to pursue an oil exploration project with the Venezuelan government without the transfer authorisation of US$185mil from 1Malaysia Development Berhad (1MDB) funds by its parent company, Petrosaudi International Ltd (PSI).

Deputy Public Prosecutor Norinna Bahadun said PSI director Tarek Obaid had facilitated the transfer as he was the one – at all times – who had ultimate control of all Petrosaudi accounts, including the transfer of the funds as he was the authorised signatory for these accounts.