October 18, 2024
The U.S. on Friday slammed a PetroSaudi company's request for a California federal court to clarify that officials can only seize 5% of a $380 million award, calling the request an improper attempt at revisiting a 3-year-old court ruling.
October 08, 2024
A PetroSaudi unit said it wants a California federal court to make clear that only 5% of funds should go to the Biden administration in a dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds.
May 21, 2024
A PetroSaudi unit and the Biden administration are nearing a settlement to resolve a bitter dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds, which the government has been looking to seize for years, the parties said Monday.
August 08, 2023
BakerHostetler has asked a California federal judge to allow it to withdraw from representing a PetroSaudi unit because of mounting unpaid legal fees, weeks after telling the Ninth Circuit that PetroSaudi planned to take its fight over the Biden administration's effort to seize a nearly $380 million arbitral award to the U.S. Supreme Court.
January 05, 2022
A PetroSaudi unit has widened an appeal in a case brought by U.S. prosecutors to seize a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds, saying Wednesday that it is challenging an order granting the government's request to keep the award frozen.
November 23, 2021
A unit of PetroSaudi on Monday slammed the U.S. government's attempt to block its collection of a $380 million arbitral award, accusing the government of attempting to strong-arm foreign parties in a hypocritical attempt to seize allegedly embezzled funds.
November 16, 2021
The U.S. government wants to block a PetroSaudi unit from receiving payments from a $380 million arbitral award fund, arguing that the company has been collecting $1 million per month since March and must be stopped.
October 15, 2021
The U.S. Department of Justice finally secured a warrant for portions of a PetroSaudi unit's $380 million arbitration award that federal prosecutors say is linked to $1 billion allegedly stolen from Malaysia's sovereign wealth fund.
August 19, 2021
U.S. government officials say they have shown a clear connection between the perpetrator of a $1 billion 1MDB fraud, his companies, and the proceeds of a Venezuelan drilling project, warranting the seizure of a $380 million arbitral award.
August 05, 2021
The U.S. government said Thursday it has returned $452 million stolen from Malaysia's sovereign wealth fund and squirreled away in luxury homes, fine art and a super yacht, bringing the total repatriated in the wake of the 1Malaysia Development Berhad scandal to more than $1.2 billion.