Court Rules 1MDB-PetroSaudi JV Illegal; Jho Low Najib’s Agent in Fund Diversion

In the ongoing 1MDB trial verdict, High Court Judge Datuk Collin Lawrence Sequerah ruled that 1MDB’s US$1 billion investment in a joint venture with PetroSaudi was illegal, as no genuine investment occurred—instead, funds were transferred to Good Star Limited, a company controlled by fugitive financier Jho Low.

PetroSaudi

The judge rejected Datuk Seri Najib Razak’s claim of having no control over the transfers, noting Najib’s roles as Finance Minister and chairman of 1MDB’s board of advisers made him the de facto decision-maker with personal vested interests. Instructions to former CEO Shahrol Azral Ibrahim Halmi were inferred to originate from Jho Low, deemed Najib’s agent.

Claims of forged board minutes were dismissed as an afterthought, with inconclusive handwriting analysis on Najib’s signatures. Sequerah highlighted Najib’s drastic actions—disbanding a task force, pressuring Bank Negara, and sacking key officials—as evidence of his deep involvement.

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