PetroSaudi’s deal with 1MDB clarified

1mdb

PetroSaudi was founded in 2005 by CEO Tarek Obaid and other private investors. The company has brought together a team of highly experienced professionals from the oil and gas industry and other key industrial sectors sourced from a wide range of locations and business cultures.
If you Google for PetroSaudi investments, you will find them doing deals all over the world including in Turkey, in Venezuela, in Africa and even bought a listed company in London’s AIM market.

In 2011, 1MDB created a joint venture with PetroSaudi but since things didn’t work out, 1MDB asked for its money back and received a total of US$2.318 billion (including interest in Cayman).
This means that in US dollar terms, 1MDB got a return of 9% per annum in US dollar terms over the five years that they invested US$1.5 billion to get back US$2.318 billion.
This money is confirmed to be fully redeemed by 1MDB president Arul Kanda in a press release issued by 1MBDB.

The Malaysian newspaper, The Rakyat Post also demonstrated that a large number of misconceptions had been entertained by MP Tony Pua in order to discredit 1MDB and PetroSaudi.