PetroSaudi’s US$1 billion ruse

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Barely a month after the Finance Ministry took over Terengganu Investment Authority (TIA), a royal suitor came a-knocking.

On Aug 8, 2009, Prince Turki of Saudi Arabia sent a letter to Prime Minister Najib Abdul Razak to introduce PetroSaudi International chief executive Tarek Obaid.

Tarek proposed a joint venture with the fund, now rebranded 1MDB. The deal - US$1 billion from 1MDB and some questionable “oil wells” in Argentina and Turkmenistan said to belong to PetroSaudi International.

But this was not Tarek’s first introduction to the fund...

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