Saudi Co. Wants Access To $340M Pot Caught In 1MDB Probe

Law360, London (February 5, 2021, 5:37 PM GMT) -- A Saudi energy company urged a London judge Friday to let it dip into a $340 million pot caught in an American money laundering investigation into Malaysia's 1MDB fund, saying it's on the brink of insolvency and unable to pay its lawyers.

A lawyer for PetroSaudi Oil Services (Venezuela) Ltd. asked High Court Judge Robert Miles to permit it "monthly maintenance payments" from the fund as the company fights to clear the account from suspicion in the U.S.

A judge lifted an injunction over an escrow account holding the funds in October, but Clyde & Co., which manages the account, has...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!