News about MD

KUALA LUMPUR (July 16): A witness conceded in court today that the approval for 1Malaysia Development Bhd's (1MDB) subsidiary to acquire an independent power producer (IPP) was quickly granted prior to the 13th general election (GE13) in 2013 as Datuk Seri Najib Razak feared that a caretaker government would not be able to green-light the deal.

KUALA LUMPUR (July 13): A lawyer representing the Malaysian Anti-Corruption Commission (MACC) said today that the forfeiture action filed by the public prosecutor against PetroSaudi International Ltd and its chief executive officer Tarek Obaid was borne from the investigations done by the Special Task Force on 1Malaysia Development Bhd (1MDB).

KUALA LUMPUR (July 16): High Court judge Justice Collin Lawrence Sequerah relented and allowed the 1Malaysia Development Bhd (1MDB)-Tanore trial today to end earlier than usual, after reading a letter from the Dewan Rakyat Speaker requesting that former prime minister Datuk Seri Najib Razak (pictured) — who is the accused in this case, and lawmaker for Pekan — be allowed to attend Parliament.

KUALA LUMPUR (July 16): The High Court here had today issued an ad-interim (temporary) order barring Tarek Obaid, PetroSaudi Oil Services (Venezuela) Ltd and three others from moving US$340.

KUALA LUMPUR (July 15): In hindsight, former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi (pictured) had conceded that Goldman Sachs' investment banking head in Southeast Asia Tim Leissner and his team had misled the investment fund’s board of directors with regard to the RM10.

KUALA LUMPUR (July 15): Datuk Seri Najib Razak's lawyer today accused former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi (pictured) of receiving kickbacks from Goldman Sachs for arranging the bank to be the financial adviser for 1MDB's RM10.

KUALA LUMPUR (July 14): The High Court today allowed an ex-parte application by public prosecutors to be heard on Thursday in a bid to obtain a prohibition order against PetroSaudi International Ltd and Tarek Obaid from using over US$340 million (RM1.

KUALA LUMPUR (July 14): The prosecution had on Friday filed a notice of motion for forfeiture action against Tareq Obaid, PetroSaudi International Ltd, PetroSaudi Oil Services (Venezuela) Ltd, Clyde and Co LLP and Temple Fiduciary Services Ltd.

KUALA LUMPUR (July 13): The motion of removing the speaker has been passed as a total of 111 MPs voted for the motion to remove Tan Sri Mohamad Ariff Md Yusof (pictured) as the speaker, versus a total of 109 votes against the the motion.

KUALA LUMPUR (July 12): The purchase of luxury superyacht Topaz, which is estimated to be worth US$688 million (RM2.