PetroSaudi's Tarek and Mahoney paid US$85m by Good Star
NAJIB TRIAL | Two key figures in the 1MDB-PetroSaudi joint-venture deal were paid a total amount of US$85 million as a "commission" by Good Star Ltd, a company controlled by Jho Low, the Kuala Lumpur High Court heard today.
They are Saudi national Tarek Obaid (above) and Swiss national Patrick Mahoney. Both were directors of PetroSaudi International Ltd at the material time...
NAJIB TRIAL | Two key figures in the 1MDB-PetroSaudi joint-venture deal were paid a total amount of US$85 million as a "commission" by Good Star Ltd, a company controlled by Jho Low, the Kuala Lumpur High Court heard today.
They are Saudi national Tarek Obaid (above) and Swiss national Patrick Mahoney. Both were directors of PetroSaudi International Ltd at the material time.
This was established during the cross-examination of former 1MDB CEO Shahrol Azral Ibrahim Halmi by lead defence counsel Muhammad Shafee Abdullah.
Shafee had produced a JP Morgan bank statement and showed a payment of US$85 million (RM366 million at current exchange rate) by Good Star Ltd to an account held by one "Tarek Hussain Obaid".
Shahrol (below) was also presented documents which showed Tarek would go on to pay Mahoney US$33 million.
The lawyer noted that the transaction took place five days after Good Star received US$700 million from 1MDB, to which the witness agreed, but was unaware of during the material time.
Shafee: Can this be a bona fide commission or outright stealing?
Shahrol: Not enough information to tell.
Shafee: How many percent (is the commission)?
Shahrol: Slightly over 10 percent.
Shafee: That is a lot for a commission for a joint-venture.
Shahrol: Yes.
Shafee: You knew Tarek Obaid is director for PetroSaudi. Did he declare he made this money from this deal?
Shahrol: He did not.
Previously, the court had established that 1MDB was supposed to contribute US$1 billion to participate in a joint-venture company with PetroSaudi International.
However, only US$300 million went to the joint-venture company, while the balance of US$700 million was transferred to Good Star Ltd.
When Shafee asked Shahrol if he inspected whether 1MDB's contribution went to the joint-venture project, the latter said he could not.
"We tried... We kept getting stonewalled by Mahoney and Tarek," said Shahrol.
