KUALA LUMPUR: The High Court was told that no funds from 1Malaysia Development Berhad (1MDB) were used in an oil exploration project between Petrosaudi International Ltd (PSI) with the Venezuelan government, and that none of it ever flowed into the escrow account held by United Kingdom law firm, Clyde & Co LLP.
Counsel Alex Tan described the unspecified sum of monies kept in Clyde & Co as ‘clean’ monies and which came from an oil drilling contract that PSI had entered into with a Venezuelan-based company, Petróleos de Venezuela (PDVSA), which is a lawful economic proceed.
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