Feds Stand By 1MDB Link In $330M PetroSaudi Forfeiture Suit

Law360 (May 3, 2021, 8:24 PM EDT) -- U.S. prosecutors urged a California federal judge not to dismiss the Department of Justice's $330 million forfeiture suit against PetroSaudi, arguing Friday that the DOJ has successfully connected the arbitral award to the 1MDB scandal.

Its second amended complaint shows 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, the U.S. Department of Justice argued in an attempt to fend off a motion to dismiss.

PetroSaudi International's CEO Tarek Obaid and PetroSaudi spent $166.9 million of fraudulently obtained 1MDB money to launch their Venezuelan...

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!

TRY LAW360 FREE FOR SEVEN DAYS

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!