PetroSaudi Seeks Final Ax To Feds' $330M Forfeiture Suit

Law360 (April 21, 2021, 6:22 PM EDT) -- PetroSaudi urged a California federal court to permanently end a $330 million U.S. Department of Justice forfeiture suit, slamming the action as a "bloated" and "confusing" attempt to connect its arbitral award to the 1MDB scandal.

The second amended complaint still can't show that a PetroSaudi Oil Services (Venezuela) Ltd. drilling project that led to the $330 million arbitral award was partly funded by misappropriated 1Malaysia Development Berhad funds, PetroSaudi Oil Services argued.

"If the government could link claimant or the relevant drill ship involved in the arbitration to funds from 1MDB, it would. It does not because it cannot," the...

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