Saudi Oil Investor Wants $2M Palantir Shares Unfrozen
By Jack Newsham (October 12, 2017, 4:51 PM EDT) -- Saudi Arabian energy businessman Tarek Obaid, whose company PetroSaudi is said by prosecutors to be tied up in the 1MDB embezzlement scandal, told a California federal judge Wednesday that his $2 million worth of shares in tech firm Palantir Technologies was not bought with laundered money and should be unfrozen.
Obaid, the CEO and co-founder of PetroSaudi International Ltd., had 2.5 million shares in the California tech company targeted as part of the U.S. government's second wave of asset forfeiture lawsuits filed earlier this year. Prosecutors say the shares, worth $2 million when Obaid bought them, represent a small portion of...
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