PetroSaudi denies siphoning billions from 1MDB: report

PetroSaudi International (PetroSaudi) has refuted allegations that it had siphoned funds from 1Malaysia Development Berhad (1MDB).

According to Bernama, PetroSaudi in a statement today said: "Upon 1MDB's exit, PetroSaudi had paid 1MDB in full and both parties no longer have any financial or legal relationship."

The report said PetroSaudi had stated categorically that all funds from 1Malaysia Development Bhd (1MDB) went to Petrosaudi-owned entities and any other inference is false.

The privately-owned oil exploration and production company also reportedly said, certain media reports had made malicious and slanderous allegations pertaining to its partnership with 1MDB.

The report said PetroSaudi was seeking legal advice on their next course of action in addressing the allegations.

Although no media in particular was mentioned, it is believed that PetroSaudi was responding to an article by Sarawak Report titled "Heist of the Century — How Jho Low Used PetroSaudi As 'A Front' To Siphon Billions Out Of 1MDB!" that was published yesterday.

The portal claimed that it had conducted an 'in-depth investigation' with London's Sunday Times newspaper to trail the missing billions surrounding the 1MDB financial fiasco.

The portal claimed that it had "obtained access to thousands of documents and emails relating to transactions by 1MDB" and its joint venture with PetroSaudi in 2009.

The portal implicated young tycoon, Jho Low, to be at the centre of the dealings.

Founded in 2005, PetroSaudi is a private oil services and production company based in the United Kingdom, Saudi Arabia and Switzerland.

The firm was founded by now CEO Tarek Essam Ahmad Obaid and several investors, including its chairman Prince Turki Al-Saud, the seventh son of the late King Abdullah of Saudi Arabia.