Malaysia Screws the Vaults: How 1MDB Money Traveled to Saudi Oil Guy
Picture this: a Malaysian court, a British bank desk, and a suitcase full of money that dodged a country‑wide audit like a bad magician. On Thursday, the Justice Department—pretty much Malaysia’s version of a superhero squad—pulled the plug on an interim order that keeps a hefty chunk of cash out of the hands of Saudi oil eyes.
Who’s Involved?
- PetroSaudi International (PSI) – the Saudi energy firm whose roots run deepest into the royal family’s soil.
- 1Malaysia Development Berhad (1MDB) – the massive national fund that allegedly got swindled, losing roughly $4.5 B.
- Najib Razak – former Malaysian Prime Minister, whom the lawyers say still denies any hacking heroics.
- Goldman Sachs – the U.S. bankers who allegedly flew in the sharks and have been pleading “not guilty” in Malaysian courts.
- Other sub‑companies – including Tarek Obaid’s co‑venture, PetroSaudi Oil Services (Venezuela) Limited, the escrow firm Clyde & Co LLP, and the suspicious‑looking Temple Fiduciary Services.
The Money Trail
Think of the funds as a misbehaving Siamese cat: it started wiggling out of a Malaysian furry belly, slipping into a Saudi-owned sandbox, and finally slipping onto a British sofa. The total misdirection was a colossal $340 million (that’s about S$473 million in the local coinage). It’s a figure that would make a banker blush with both awe and dread.
Why the British Freeze?
High court judge Mohd Nazlan Mohd Ghazali slapped a temporary “stop‑watch” on those funds, doing so because they are sitting in a British bank, yet the law is being pushed to keep them locked down. Goods might be played back in August 28, but for now, the money is off-limits while the court nails down the verdict.
How the Canadian Connection Is Made
The Malaysian Anti‑Corruption Commission (MACC) stepped up, filing for a deal with British cheers, filling a legal “pipeline” so the NCA (National Crime Agency) can enforce the freeze. In a quarter‑turned‑scree, Mac (not the Apple product) said ‘let’s keep that money cooler than a cucumber in the fridge until the verdict.’
The Protest
For all the black‑and‑white claim and pain, the lawyers for Tarek Obaid and PetroSaudi Oil Service are standing firm: “No, we refuse.” They politely declined fan mail from reporters, letting us realize the story is as contentious as a senator’s campaign spend. Why? Because denying involves something that’s still hovering in a legal fog, and you’d think it’s just a “no.”
History in Numbers
Let’s roll back to 2009: Najib launched first a joint‑venture that was supposed to light up clean, natural “future” for Malaysia. Funds big-thong, $1 B front‑loaded, but turns into a joint flop that has rung out “forever.” The drama continues to outgrow 1MDB’s disciplinary stories.
Final Words
While the money still clings to Britain’s financial walls, the world holds its breath. Is it the end of a long, crooked saga or merely a pre‑emptive “pause” on the next chapter? One thing’s crystal – the halls are resonant not just with the murmur of financial whistleblowers, but with the ripple of a public eager for jaw‑dropping revelations.
