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JV between 1MDB-PSI a ‘failure’

KUALA LUMPUR: The joint venture between 1Malaysia Deve­lop­ment Bhd (1MDB) and Petro­Saudi International Ltd (PSI) which was set up a decade ago with more than US$1bil capital injection was a failure, the High Court heard.

‘No report made on hotel purchase’

KUALA LUMPUR: No report was made to the authorities by the board of directors or the management of Felda Investment Corporation Sdn Bhd (FICSB), although the purchase of Merdeka Palace Hotel and Suites worth RM160mil in Kuching, Sarawak exceeded the mandate of RM100mil set by the Felda board of directors, the High Court heard.