Feds Stand By 1MDB Link In $330M PetroSaudi Forfeiture Suit
Law360 (May 3, 2021, 8:24 PM EDT) -- U.S. prosecutors urged a California federal judge not to dismiss the Department of Justice's $330 million forfeiture suit against PetroSaudi, arguing Friday that the DOJ has successfully connected the arbitral award to the 1MDB scandal.
Its second amended complaint shows that a PetroSaudi Oil Services (Venezuela) Ltd. drilling project that led to the $330 million arbitral award was partly funded by misappropriated 1Malaysia Development Berhad funds, the U.S. Department of Justice argued in an attempt to fend off a motion to dismiss.
PetroSaudi International's CEO Tarek Obaid and PetroSaudi spent $166.9 million of fraudulently obtained 1MDB money to launch their Venezuelan...
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