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1MDB-Petrosaudi deal 'a scam', says Pua

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DAP parliamentarian Tony Pua today blasted 1Malaysia Development Berhad (1MDB)'s RM 2.5 billion joint venture agreement with Petrosaudi Holdings, calling it a "scam".

1MDB allegedly entered into a joint venture agreement with Petrosaudi in 2009, investing US$1 billion into the deal.

However, the joint venture already had a "pre-existing" debt, in the form of US$700 million loan Petrosaudi had taken from its parent company, Petrosaudi International.
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