A Malaysian Development Berhad (1MDB) refers to Saudi Arabian oil company Saudi International Petroleum Company and a British law firm that helped former Prime Minister Najib Razak embezzle US $1.83 billion (S $2.68 billion) of 1MDB funds.
According to the Star, 1MDB filed a complaint at the High Court in Kuala Lumpur on May 7, alleging that Mahoney, chief investment officer of Saudi International Petroleum Company, and White & Case LLP, a British law firm, assisted Najib, former 1MDB executive director Tang Jian Chi and fugitive businessman Jho Low in misappropriating the above-mentioned 1MDB funds.
1MDB alleges that the joint venture between 1MDB and Saudi Aramco arranged between 2009 and 2011 by Najib and others, Saudi International Oil Company, and law firm White & Case was a complete sham, resulting in losses of US $1.83 billion.
1MDB had asked the court to award Saudi Aramco and White & Case each $33 million in damages. 1MDB is also seeking US $1.83 billion in damages, interest, costs and other compensation deemed appropriate by the court.
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