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Did Petrosaudi swindle 1MDB and steal our money?

We are curious as to why Wall Street Journal had labeled Petrosaudi as an obscure company in their latest article which was published yesterday.

And we checked Petrosaudi’s website just to ensure why.

And what we found is rather perplexing. Indeed PetroSaudi was established in 2005, but it is merely a privately owned company specialising in oil exploration and production. We have always thought that PetroSaudi is a government linked company of Saudi Arabia, or an investment arm of Saudi Arabia.

Its website stated:

PetroSaudi was founded in 2005 by Tarek Essam Ahmad Obaid and private investors. PetroSaudi International is a privately owned oil exploration and production company, with its main offices in the United Kingdom, Saudi Arabia and Switzerland.

If indeed it is a huge company with tremendous track record, its website doesn’t say much about it. There’s not even any investor relations section which could give information mostly available in big corporations’ websites.

No information on Board of Directors, top management and surprisingly, they do not seem to have any track record prior to 2009.

The news on their first foray in oil exploration and production only came about in January 2010 when they first bought their drill-ship, the PetroSaudi Discoverer.

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January 2010 – acquired PetroSaudi Discoverer. November 2010 – acquired PetroSaudi Saturn

The website did not state any news before January 2010.

Both ships were acquired by the subsidiary of PetroSaudi called PetroSaudi Oil Services Limited which was founded in 2009.

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Two ships currently hold as prized assets of PetroSaudi

It seems that PetroSaudi has been dormant since 2005 and coincidentally brought to life when 1MDB gave them USD1 billion in a dodgy joint venture which ended in 2010.

The chronology of this joint venture can thus be reported as below:

September 2009 – Joint venture between 1MDB and PetroSaudi commenced. 1MDB gave USD1 billion to PetroSaudi as payment for the equity shares.

January 2010 – PetroSaudi bought a ship – PetroSaudi Discoverer.

March 2010 – Joint venture with PetroSaudi was terminated barely 6 months after it started without any real oil exploration or production business made. Instead of giving back the USD1 billion in cash money to 1MDB, they transformed that money into loan agreement (by then, PetroSaudi now owes 1MDB USD1 billion plus interest). A few months later, 1MDB gave another USD500 million loan to PetroSaudi.

November 2010 – PetroSaudi acquired another ship – PetroSaudi Saturn.

May 2011 – 1MDB gave another USD330 million loan to PetroSaudi.

August 2011 – PetroSaudi started another business joint venture. This time with Ghana in oil exploration and production.

With the above events taking place, it is really hard not to think that 1MDB was actually subsidising PetroSaudi’s business venture using Malaysian taxpayers’ money. Question is, why did 1MDB enter into a joint venture with a company devoid of any track records, experience or capabilities in oil exploration? They do not even have any drill ships prior to the joint venture.

The only assets that they had was the oil exploration rights, and even that was questioned over its authenticity. 

But contrary to PetroSaudi’s website, the 1MDB’s website claimed that PetroSaudi is a state-owned company. How could a state owned company which was trumpeted by the Prime Minister as one of the best thing to have happened to 1MDB, has no track record whatsoever and was dormant until the JV started?

It seems Malaysians were conned into making this deal back in 2009. A very expensive con perpetrated by one called Tarek Obaid and his friends. He could have even used the name of a Saudi Arabia royal family to further his schemes. Isn’t it strange that there is no official mention of a Saudi Arabian prince anywhere in PetroSaudi website?

Maybe after a few wine and dine sessions, all manner concerning good corporate governance and ‘I will never betray the people’ went out the proverbial window of a yacht.

Obviously, birds of feather do flock together.

Not to mention the fact that the website is so simple, it does not reflect a multi-national, hugely successful corporation.

We would have thought that as fellow muslims, you do not cheat other muslims, let alone an entire muslim country. But there is no limit to a person(s)’ greed. No matter how wealthy they are.

We could not even categorise this deceitful business venture as a government to government business deal. What kind of a government project which lasted barely a few months after it was inked but has nothing concrete to show? The deceitful, non governmental ones of course.

How many EPU officers attended the meetings to study about the joint venture? How many paperwork made, how many months of due diligence performed, and how many meetings the cabinet had to discuss the proposal of the joint venture? The answer could be in the region of zero.

PetroSaudi is not a state-owned company. It is a privately owned company run by a gang of con-men. We suspect since 2005, this gang of con-men travelled around the world promising dodgy joint ventures to some gullible governments. And Malaysia was its first victim.

In the end, about USD1.83 billion of our money was given to this obscure yet dodgy company.

PetroSaudi is so dodgy that it was implicated in a case that caused Tony Blair to be sacked from being an envoy for the Middle East.

Apparently PetroSaudi had, since November 2010 been paying Tony Blair about £41,000 (RM205,000) per month to act as a broker in multi million business deals.

Tony Blair eventually stepped down in June 2015.

It seems those who are connected to 1MDB and its conmen will not only lose credibility, they will lose their jobs as well.

You might also want to read:

1) Najib’s definition of ‘personal gain’

2) Scandal in Malaysia

3) Tony Blair’s lucrative contract with the Arabs

4) PetroSaudi conveniently registered in Cayman Islands to avoid tax

5) The Wall Street Journal Datuk Seri Najib 1MDB “Bomb”

16 thoughts on “Did Petrosaudi swindle 1MDB and steal our money?

  1. Aku nak cakap tak boleh lah.. kini JMD dah tulis, aku kata sekarang, syarikat ini macam ‘labu peram’ lah. Sebab :-

    1. Urusan bisnes mereka tiada yang nyata. Aku tidak tahu lah macam mana carta org mereka – cara nyata sy eksplorasi minyak berbanding Petronas. Ada suatu masa, Petronas mengalami kerugian pelaburan di Kanada. Mungkin JMD boleh dapatkan perinci nya. Cuma tandatanya…

    2. Setiap pelaburan 1MDB di tukarkan kepada saham / unit. Bila masa 1MDB boleh dapat untung pelaburan, walhal modal begitu besar, mungkin sumber nya satu satu nya dari 1MDB? Kata mereka sudah bayar balik…tapi..

    3. Hanya JLho yang tahu dalam urusan ini kerana keterlibatan beliau dengan “kenalan” pemilik petrosaudi, seperti cerita nya. PM Najib dan Pengurusan tertinggi 1MDB, terlepas pandang ? Agak mustahil kerana melibatkan wang yang besar. Tentu mesyuarat berkali-kali bukan ?

    Well. Rahsia daoam rahsia. Harap PM Najib bersikap jujur. Amin.

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  2. Good work. I would not touch such a company with a bargepole.
    At best, our government heads are morons, at worst crooks.

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  3. Hate to admit it but what youre saying here makes me less sceptical. It reeks of con job. Pity the players too proud to admit theyve been had

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  4. Pingback: Petrosaudi Kencing 1MDB ATAU 1MDB-Petrosaudi BerJV Kencing Rakyat Malaysia ? ? | Berita Malaysia

  5. The problem occurred because Najib himself is not honest and has an integrity issue. If you are an honest and “amanah” person, you should definitely do your homework and thorough investigation on this company before you start any collaboration. You should engaged a lot of professionals to analyse and double check the business and financial models. But the problem of this kind of deal was because it was done on personal level, with the missus and the entire family involves. When this sort of thing happen, you are bound to be cheated cause probably you might also want to benefit from the deal.

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  6. Interesting that current Najib prostitute RPK has reproduced your article on his rapidly-dying website.

    Ostensibly, to support some theory that the govt is a poor, misguided victim of con-men, and the PM is by extension also a poor, misguided victim.

    I think not.

    Would the same apply to the goings-on in Scorpene when he was Defence Minister?

    And the irony is that the Perimekar fella gets put in charge of 1MDB.

    A little too convenient.

    “The problem occurred because Najib himself is not honest and has an integrity issue”, says another commenter.

    He / she is being far too kind.

    In other countries, gross incompetence alone is enough to trigger a resignation, if one has a sense of shame.

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  7. Pingback: Did Petrosaudi swindle 1MDB and steal our money? | ajai62

  8. Perancagan strategi ‘win-win’ yang masuk akal dalm Filem bertajuk : 1MDB + PSI = Unit

    1. Mungkin selepas 6 bulan barulah 1MDB tersedar bahawa mereka telah pun di ‘conned’ oleh pak arab PSI yg ternyata ‘kosong’ segala. Bagi mengatasi malu besar di tanahair sendiri kerana sebelum termeterai perjanjian usahasama telah ada pun pihak yg ragui dan tak bersetuju sehingga pengerusi pertama meletak jawatan maka usahasama tersebut dibatalkan dan difirkan pula perancangan baru

    2. Turut bagi mengelak rasa malu kepada kerajaan negeri dan istana Terengganu yg berkeras tidak bersetuju duit royalti Petronas hakmilik kerajaan negeri yang mahu dijadikan hakmilik putrajaya dengan menukar taraf tabung dari TIA kepada 1MDB maka…

    3. Satu pakatan baru dibuat antara 1MDB dengan PSI dengan menukar pelan asal daripada ‘pelaburan’ kepada ‘pinjaman’ dengan jaminan PSI perlu membayar ‘faedah pinjaman’ bagi menggantikan ‘keuntungan pelaburan’ seperti perancangan asal.

    4. Pakatan baru dipersetujui PSI tapi dengan syarat ‘pinjaman’ tersebut perlulah ditambah lagi kalau 1MDB mahukan pulangan tinggi. Mungkin perlu di tambah 1b dolar lagi menjadi 2b dolar.

    5. 1MDB yang terhimpit antara pulang dgn tgn kosong dan mendapat malu atau membuat penambahan seperti yg diminta PSI.

    6. Akhirnya 1MDB bersetuju tapi cuma sekadar penambahan 830 juta dolar saja dgn 2x pembayaran ( 170 juta dolar lagi telah pun hangus sebagai komisen bagi mendapatkan dana 3b dolar secara bon )

    7. PSI pun mengeluarkan ‘unit’ di Cayman Island untuk diberi kepada 1MDB yang telah dimasukkan kadar faedah bagi pinjaman tersebut seakan menjadi satu perolehan keuntungan daripada pelaburan hasil usahasama yg asal…

    8. Maka berbanggalah kader2 1MDB dengan menyatakan bahawa usahasama yg diragui ramai tersebut telah pun membawa keuntungan sebanyak 488 juta dolar kepada 1MDB dan telah pun dibawa balik dari Cayman dan didepositkan di Singapura bagi mengelakkan banyak karenah BNM jika dibawa pulang ke tanah air.

    9. Maka bermulalah episod baru dalam cerita fiksyen ini….. TDM : Unit tu APA..???

    dah lah.. letih dah aku nak menulis skrip cerita yg tak akan habis habis selagi Jibby & Ros berkuasa

    Sekian terima kasih..

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  9. How will “Ops KabberUp” be accomplished?

    This diagram at the bottom of this page has a clue:

    http://www.themalaysianinsider.com/malaysia/article/wsj-puts-documents-online-showing-money-trail-to-najibs-accounts

    The tricky part will be breaking the chain to Hang TakdeTeloq from the bottom half of the diagram, that goes from the offshore haven, to Falcon Singapore, to TakdeTeloq’s account.

    The saviour is in the top right side. It is Insan Perdana.

    The second saviour is TakdeTeloq’s statement that the 2.6 billion was “not for his own benefit.”

    So, they will park the whole thing under Insan Perdana, and claim that ALL the money was earmarked for charity.

    Now, all TakdeTeloq needs is crooked henchmen in GLCs who are willing to say “ah, yes, this sum was received in 2013/14 for our charitable activities, or other beneficial activities, e.g. scholarships etc.”

    FGV, MARA and Tabung Haji, no problem. Boleh “kau thim”. And there are many, many others. Yayasan 1MDB, already implicated, can be one of them.

    But RM2.6 billion is a huge sum of money.

    If each GLC spends one million a year on CSR, TakdeTeloq will need to find 2,600 GLCs who do CSR. Not easy – impossible, in fact. Even 260 is going to be hard to get. And what if both Insan Perdana and the GLCs have published audited accounts? You’ll need a time machine. Unless they have slack accounting like 1MDB, of course.

    So, he will need to create an “unspent reservoir” of cash that he was merely holding “in trust” for the rakyat.

    That means that Ops KabberUp will need to generate “outward” paperwork – that is, some documents will need to be forged that indicate that the AmBank funds had outward movement – not to the 191 KBU to buy GE13, but to some (preferably Bumi-related) fund.

    My guess is, that exactly is what is being forged right now.

    And Mr Overdramatic Sajak will then use these forged documents against the WSJ legally, and to “clear” himself. The AmBank account was closed in the August after GE13, so the outward documents need to fall within that time period. The seized hard drives and documents from SRC, Gandingan and Insan Perdana can be wiped clean, and the documents shredded and replaced with fake ones.

    A new narrative needs to be built.

    Tan Sri Zeti, what have you gotten yourself into?

    Step away, Kak.

    Dosa besar nih.

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    • maybe in malaysia but jibby also broke internatiol money laundering law accross US, UK, Swiss and Singapore …… habit lor, tatak maap lali!

      Like

  10. Petrosaudi is in the midst of inking the agreement with government of ghana on the possible takeover of Tema Oil Refinery. The problem is ghana dont have the oil and basically procured it offshore namely from nigeria to refine and make business until as recently as aug 2014 when the business failed and the operations halted. Well if I were to take najib’s words that petrosaudi is a large oil company of middle east, I would expect them to venture their business at more potential areas at northern asia, northern south america etc not at the ailing company at ghana.

    JMD, I dont think petrosaudi is as large as aramco at saudi arabia(sa) which controlled 95% of sa oil fields. Thus, I dont think petrosaudi have the money to pay najib what he has made us lost in the first place. That unit najib, arul and husni have concocted earlier will just remain as unit in foreseeable future without any value for redeemable as well as good source of trade in the secondary market.

    There you goes guy, he aint what we thought off, before. Then, change…

    Like

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