The Kuala Lumpur High Court today allowed the government’s application to extend a prohibition preventing PetroSaudi International Ltd (PSI) and its director, Tarek Obaid, from dealing with US$340 million (RM1.61 billion) linked to 1MDB.

The funds, claimed by the government to be connected to the 1MDB scandal, are currently held in a client account of Clyde & Co LLP in the United Kingdom on behalf of PetroSaudi Oil Services (Venezuela) (PSOS-VZ).

PSOS-VZ is...