PetroSaudi Unit Says US Still Can't Seize $380M Award

By Caroline Simson (August 4, 2021, 8:03 PM EDT) -- A PetroSaudi unit is urging a California judge to dismiss for good the U.S. government's attempt to seize a nearly $380 million arbitral award it claims is tied to embezzled 1Malaysia Development Berhad funds, arguing that prosecutors still can't connect the award to the scandal.

PetroSaudi Oil Services (Venezuela) Ltd. argued in a brief to U.S. District Judge Dale S. Fischer on Tuesday that the government's latest complaint — its fourth in the dispute — relies on "entirely new implausible theories" that directly contradict allegations contained in its prior submissions. 1MDB is a Malaysian-government-owned investment and development company through which the...

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