In 2009, Jho Low Taek, the then 27-year-old investment wunderkind who persuaded Prime Minister Najib Tun Razak to establish the now-struggling 1Malaysia Development Bhd, also persuaded the fund to loan US$1 billion to help finance an oil exploration firm called PetroSaudi International Ltd, which was to put up US$1.5 billion with the stated aim of searching for oil in the Caspian Sea area.
1MDB’s Dubious Middle Eastern Connections
1MDB’s Dubious Middle Eastern Connections
1MDB’s Dubious Middle Eastern Connections
In 2009, Jho Low Taek, the then 27-year-old investment wunderkind who persuaded Prime Minister Najib Tun Razak to establish the now-struggling 1Malaysia Development Bhd, also persuaded the fund to loan US$1 billion to help finance an oil exploration firm called PetroSaudi International Ltd, which was to put up US$1.5 billion with the stated aim of searching for oil in the Caspian Sea area.