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PetroSaudi International states position on former investment partnership with Malaysia.

March 2015 - The Saudi-based oil exploration and services company PetroSaudi has today dismissed as inaccurate online criticisms of its former joint venture with the Malaysian strategic development company, 1MDB.

A spokesperson for PetroSaudi said: “Any suggestions of wrongdoing in the online allegations about the partnership are simply false. All the capital invested by 1MDB has been returned – with profits.”

“In fact the joint venture, which ended in 2012, was a ‘win-win’ for Malaysia and PetroSaudi. The information relating to the joint venture is publicly available in the audited accounts of 1MDB at the Malaysia Companies Commission. Unfair or false attacks on investors and partners of Malaysia only serve to damage the country.

“PetroSaudi is committed to delivering successful projects in the petroleum sector globally, working with our partners to international standards of corporate governance and due diligence. We will not be deterred by inaccurate or malicious stories that have circulated online.

“Some of those reports appear to be based on selective and distorted extracts of copies of internal company emails and documents, the originals of which we believe to have been obtained unlawfully and in some cases altered. We are actively considering our legal options.”