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...

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