1Malaysia Development Bhd in replying to allegations from former Prime Minister Tun Dr Mahathir Mohamad on its investments in a joint venture with PetroSaudi International (PSI) stated that it had made a gain of US$488mil from the venture.
The Ministry of Finance (MoF) owned entity said that total investments with PSI between September 2009 and June 2012 amounted to US$1.83bil and it started off as an equity investment and later converted into an Islamic loan that came up to US$2.22bil.
"In June 2012, the entire USD1.83 billion amount invested by 1MDB in murabaha notes (in the JV with PSI) was repaid, by way of conversion into shares of Petrosaudi Oil Services Limited, for a value of USD2.22 bil," it said.
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The Ministry of Finance (MoF) owned entity said that total investments with PSI between September 2009 and June 2012 amounted to US$1.83bil and it started off as an equity investment and later converted into an Islamic loan that came up to US$2.22bil.
"In June 2012, the entire USD1.83 billion amount invested by 1MDB in murabaha notes (in the JV with PSI) was repaid, by way of conversion into shares of Petrosaudi Oil Services Limited, for a value of USD2.22 bil," it said.
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