Wednesday, 30 October 2019

PetroSaudi International (PSI) CEO Tarek Obaid received a handsome US$85mil (RM356mil) in commission

Najib’s 1MDB trial: PetroSaudi CEO received US$85mil commission for joint venture deal

Wednesday, 30 Oct 20194:32 PM MYT



KUALA LUMPUR: The High Court was told on Wednesday (Oct 30) that PetroSaudi International (PSI) CEO Tarek Obaid received a handsome US$85mil (RM356mil) in commission for the joint venture (JV) between PSI and 1Malaysia Development Bhd (1MDB).

The payment was channelled to Tarek's bank account from Good Star Ltd, a company that was initially said to be a subsidiary of PSI but later revealed to be owned by fugitive financier Low Taek Jho.

During cross-examination on Wednesday, former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, was shown documents by lead counsel Tan Sri Muhammad Shafee Abdullah.

The ninth witness agreed that a name stated on the document was 'Tarek Essam Obaid', who received the credit from Good Star.

(On Sept 30,2009, a total of US$1bil (RM3.487bil) was transferred by 1MDB into two separate accounts, with US$300mil into the JV account 1MDB-PSI and US$700mil into Good Star.

Shafee: Within five days Tarek got paid US$85mil from Good Star.

Shahrol: Yes.

Shafee: So this Tarek Essam Obaid is the same Tarek Obaid (of PSI)?

Shahrol: As far as I know, yes.

Shafee: The money went to Good Star and Good Star paid Tarek.

Shahrol: I don’t know why.

Shafee then showed the witness more documents and said they ought to “clear it out and settle it once and for all”.

The document was a JP Morgan application form to open a bank account for an individual.

Shafee: Please tell the court the name on the document.

Shahrol: It is Tarek Obaid.

Shafee: Based on bank statements, Tarek was paid US$85mil out of the US$700mil from Good Star for a commission as part of the JV deal between 1MDB and PSI.

Shahrol: Yes. The JV is the 1MDB-PSI deal.

Shafee: The reason Tarek was paid 85mil out of the 700 was because of commission.

Shahrol: Yes.

Shafee: So our money, US$700mil went there (to Good Star). US$85mil, this Tarek swiped as commission or purported commission... Can this be a bona fide commission or is this outright stealing?

Shahrol: Not enough information to determine that.

Shafee: You are an engineer. How much is the percentage?

Shahrol: Slightly over 10%.

Shafee: That's a lot for a commission for a JV.

Shahrol: Yes.

Shafee: Did he declare that he made this money from that deal?

Shahrol: No he didn't.

Datuk Seri Najib Razak, 66, faces 25 charges in total - four for abuse of power that allegedly brought him financial benefit to the tune of RM2.3bil; and 21 for money laundering involving the same amount of money.

The hearing before Justice Collin Lawrence Sequerah continues on Thursday (Oct 31).



No comments:

Post a Comment


Related Posts Plugin for WordPress, Blogger...


Popular Posts - Last 7 days

Popular Posts - All Time


The best stories & news from The Star Online, New Straits Times, Malaysian Digest, Asiaone, Beautifulnara, Rotikaya, Ohbulan, TheMalayMailOnline, Siakap Keli, Malaysian Insider, Free Malaysia Today, Malaysian Gazette, Berita Harian Online, Kosmo, Sinar Harian and Yahoo are shared in this blog to keep the blog community better informed.

This Blog claims no credit for any images or stories on this site unless otherwise posted.

Post and Images on this blog are copyright to its respectful owners.

If there is a post or image appearing on this blog that belongs to you and do not wish for it to appear on this site, please email with a link to the said image, it will be promptly removed.