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64-462: This disposition is comparable to an absolute discharge in jurisdictions where an absolute discharge involves the recording of a conviction ( i.e. , where the "discharge" is from punishment only) but stands in contrast to an absolute discharge in jurisdictions in which an absolute discharge does not involve the recording of a conviction as is the case in Scotland under summary procedure ( i.e. , where

128-409: A 60:40 ratio. The IWH-CREC Consortium has valued 100 percent of Bandar Malaysia's land at RM12.35 billion where the value of 60% of the land is RM7.41 billion. This transaction is expected to be completed by June 2016. However the deal collapsed on 3 May 2017 due to failure to meet payment obligations, announced by Ministry of Finance of Malaysia (who owned 1MDB). Air Itam 's land was acquired with

192-452: A board of advisors, a board of directors and a senior management team. The board of advisors is chaired by Najib Razak himself. From 2010 until 2013, the board of advisors included the CEO of LVMH , Bernard Arnault . In early March 2015, with public discontent growing at the perceived lack of financial transparency at 1MDB, Najib, who is also the chairman of 1MDB's board of advisors, ordered

256-495: A booked value of US$ 2.318 was pledged to Deutsche Bank for a loan amount of US$ 975 million without the approval of 1MDB's board. From the proceeds of initial redemption and with Deutsche Bank loan, some US$ 993 million was used for the payment of the Aabar option termination (though originally the settlement agreement was only US$ 300 million instead of US$ 993 million). The Aabar option was an option given to Aabar Ltd in exchange of

320-556: A broader spectrum of Malaysians rather than the residents of only one state. In general, 1MDB investments can be summarized as: On 10 March 2015, Auditor General of Malaysia under the mandate of the Cabinet and the Public Accounts Committee (PAC) was assigned to audit the financial statements of the 1MDB Group and to evaluate whether the financial performance and activities of the 1MDB Group are aligned with

384-409: A choirboy, but a stroke and the onset of dementia made the court find that he was deemed unfit to plead and he was granted an absolute discharge. An initial request in 2015 to have Chesshyre stripped of his honours was denied. In 2018, after an appeal to the victim's Member of Parliament he was stripped of most of his honours and a review into the honours system has been called for. A court passing

448-433: A co-operation agreement with Abu Dhabi Future Energy Company (also known as Masdar) to explore clean technology projects and investments, including the possibility of building Malaysia's first carbon-neutral city. In November 2015, the company agreed to sell its energy assets, worth around $ 2.3 billion, to China General Nuclear Power Group and its subsidiaries. 1MDB has a three-tier check-and-balance system comprising

512-460: A conditional or absolute discharge only for offences with no minimum penalty and a maximum penalty of less than fourteen years. Malaysia's Criminal Procedure Code allows for a magistrate in a summary trial to make a discharge amounting to an acquittal under section 173(g) if the court considers the charge to be groundless. In contrast, the public prosecutor may apply to the court for discharge not amounting to an acquittal (DNAA) under section 254. In

576-604: A defendant may apply. Such measures are typically available only to first offenders facing non-felony charges and typically exclude certain types of charges, depending on the state. Such possibilities often include a guilty plea followed by a special form of probation, successful completion of which seals the public record of the case and expunges the offender's criminal record. 1Malaysia Development Berhad Prime Minister of Malaysia 1MDB scandal [REDACTED] 1Malaysia Development Berhad ( 1MDB ; Malay: [ˈsatu maˈlajʃa dɛˈvɛlɔpmɛn(t) bərˈɦad] )

640-459: A discharge may still order the defendant to pay compensation to a victim, pay a contribution towards the prosecution's costs, or be disqualified from driving. A court may grant a discharge only if it is "inexpedient to inflict punishment" and may not do so where a mandatory sentence applies, including certain firearms offences and " three strikes " offenders. The law on discharges is set out in Part 5 of

704-518: A guarantee of Abu Dhabi's International Petroleum Investment Co (IPIC) to give 1MDB a total of US$ 3.5 billion in bond issuances via Goldman Sachs. All of these actions raised questions as they were not consistent with the initial objective of bringing the SPC portfolio back to Malaysia. 1MDB established SRC International Sdn Bhd (SRC) on 7 January 2011. According to the SRC Business Plan for

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768-399: A total of US$ 1 billion (RM3.487 billion) was transferred by 1MDB into two separate accounts. The first US$ 300 million was transferred into joint venture account, and the remaining US$ 700 million was transferred into another company's account, (Good Star Ltd, a PetroSaudi subsidiary) , with the aim of repaying the advance taken by the joint venture company. However, approval by the board of 1MDB

832-491: A total of US$ 1.2 billion of 1MDB funds misappropriated within U.S. jurisdiction to the people of Malaysia, joining a list of several countries which have initiated recovery or that have already repatriated smaller recovered amounts. 1Malaysia Development Berhad (1MDB) started off as Terengganu Investment Authority ( TIA ) which was initiated by the Menteri Besar of Terengganu at the time, Ahmad Said in 2008. TIA

896-460: A very serious offence when presented with extenuating circumstances (the signalman in the Thirsk rail crash , who was found guilty of manslaughter, is an example). That usually signifies that while a crime may technically have been committed, the imposition of any punishment would, in the opinion of the judge or magistrates, be inappropriate. In 2015, Hubert Chesshyre was found to have sexually abused

960-412: Is a sentence passed in criminal court whereby an individual is found guilty of an offence but is deemed not to have been convicted. Although a discharge is not considered a conviction, a record of an absolute or conditional discharge is kept by Canadian Police Information Centre (CPIC) and by the charging police agency and is purged from the individual's police record after a period of time: one year in

1024-626: Is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated) . In 2015, the company became the subject of a major international corruption scandal , with evidence pointing to money laundering , fraud , and theft . A lawsuit filed by United States Department of Justice (DOJ) , alleged that at least US$ 3.5 billion has been stolen from Malaysia's 1MDB state-owned fund. US attorney-general Jeff Sessions had described it in an international conference as "kleptocracy at its worst". In September 2020,

1088-405: Is committed then the conviction may be removed from the defendant's record. In Australia, offenders can be discharged without being convicted, with or without being placed on a good behaviour bond (or other conditions). The sentencing options vary from state to state. Note that defendants can be discharged without conviction even if they plead guilty to the alleged crime. In Canada , a discharge

1152-621: Is now the base for the Royal Malaysian Air Force into a GDV of RM150 billion Bandar Malaysia . The site covers 486 acres and is planned to be developed into an Islamic financial centre and will include Qatar Investment Authority (QIA) as a partner. About the same time, 1MDB and QIA had signed an MOU to assess the viability of energy and real estate investments. In the MOU, QIA also proposed to invest US$ 5bil. The Sungai Airport relocation phase should be completed by 2016 while

1216-399: Is received but no other punishment) or "discharged without conviction" (no punishment and no criminal record). Defendants can be discharged without conviction even if they plead guilty to the alleged crime, usually in cases that the negative impacts of a conviction far outweigh the crime committed. For example, if a high-end businessman is caught in possession of a small quantity of marijuana ,

1280-429: Is the day when the conditional discharge order ends, or immediately for an absolute discharge. Then, the offence is treated in law for most purposes (such as in court proceedings, employment, and insurance) as if the offender had not committed it. An absolute discharge is a lesser sentence imposed by a court in which no penalty is imposed at all. Exceptionally, however, a court occasionally grants an absolute discharge for

1344-502: The KL International Financial District (KLIFD) and Bandar Malaysia projects as two of many public-private partnership projects which will help drive the nation's transformation agenda. Tun Razak Exchange (TRX) project land was acquired with the price of RM302.8 million. A joint venture agreement between 1MDB and Aabar Investments PJS (Aabar) was signed on 12 March 2013. However, the development of

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1408-549: The Murabahah Notes with a total of US$ 2.22 billion including profits. This redemption of US$ 2.22 billion was done via an asset swap arrangement where 1MDB International Holdings Ltd (1MDB-IHL) , a 1MDB subsidiary received 49% equity stake in PetroSaudi Oil Services Ltd (PSOSL) , a PetroSaudi International Ltd subsidiary. This exercise raised a question in the auditor-general's audit report where

1472-676: The Sentencing Act 2020 . In 2008, 9,734 offenders were given absolute discharges (0.7% of sentences) and 87,722 offenders were given conditional discharges (6% of sentences). In Scots law , there is no conditional discharge similar to that in England and Wales, but admonition has a similar effect with a conviction recorded although there is no punishment. However, section 246 of the Criminal Procedure (Scotland) Act 1995 provides that in dealing with cases other than where

1536-574: The promissory notes from PSOSL sales. The investment involved various portfolio investments in the Segregated Portfolio Company (SPC) of the Cayman Islands . However, the company in charge of this investment, Bridge Global Absolute Return Fund SPC (Bridge Global SPC), was a new month-old company with no fund management licence nor experience in managing large funds. On 20 May 2013, 1MDB's board of directors redeemed

1600-553: The "discharge" is from conviction as well) Under the Rehabilitation of Offenders Act 1974 there is no disclosure period in respect of admonition and it is considered to be spent immediately. In the Reformed churches, admonition was a formal procedure in church discipline for the correction of members of the congregation who had deviated from the doctrine or conduct of the church. In dealing with serial offenders it opened

1664-651: The Federal Government had proposed to provide a guarantee of RM5 billion based on Terengganu's future oil revenues. On 27 May 2009, Ismee Ismail and Shahrol Azral Ibrahim Halmi signed a deal arranged by AmInvestment Bank Bhd to raise RM5 billion via the issuance of Islamic medium term notes (IMTNs) , despite being told not to do so by the Terengganu state government. This exercise was advised by TIA's special advisor, Jho Low . On 29 May 2009, TIA received RM4.385 billion in net proceeds from IMTN from

1728-499: The State Government is not obtained and the problem of land occupied by almost 2,000 squatters are still unsolved. Pulau Indahland was purchase under the consideration of intention to expand the energy sector. The land was purchase at a price of RM344.24 from Tadmax Power Sdn Bhd with a land size of 318.41 acres. Initially, the land was supposed to be used for the development of Project 3B (a power plant development) but

1792-644: The TRX project in collaboration with Aabar was not realized and impacted on the rest of the project. Up to September 2015, five plots of lands of TRX were sold at RM1.358 billion in fund raising efforts for the 1MDB Group while remaining 11 plots of land plan to sell for RM2.592 billion. Besides that, 1MDB Group also construct a building in a joint venture with Mulia Group, namely Exchange 106 (formerly TRX Signature Tower) to be leased to an international financial services institution for 15 years from 2019 to 2033 with an estimated return of RM537.38 million. In order to fund

1856-534: The TRX project infrastructure development, 1MDB subsidiary, 1MDB Real Estate Sdn Bhd (1MDB RE, but now known as TRX City Sdn Bhd) relies entirely on the sale of land plots. Besides that, 1MDB also created a special purpose vehicle (SPV) raised about Rm229.50 million in August 2015 for fund raising. The TRX project is expected to face negative cash flows as the project receipts are insufficient to cover infrastructure and construction costs and worse still some money from

1920-485: The acquisition amounting to RM2.111 billion. The land are:- On 21 May 2010, it was reported that 1MDB will jointly develop the Tun Razak Exchange project at a currently vacant piece of land covering 34.4 hectares in the city of Kuala Lumpur with Mubadala Development Company . The Tun Razak Exchange was launched on 30 July 2012 by Najib Razak. During his speech on Tenth Malaysia Plan , Najib identified

1984-439: The alleged amount stolen had been raised to US$ 4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be at US$ 7.8 billion. The scandal implicated Malaysian prime minister Najib Razak , contributing to the 2018 election loss of his party and his eventual trial and imprisonment. As of 6 August 2022, in an ongoing effort to fight global kleptocracy , the U.S. Department of Justice recovered and returned

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2048-862: The approval of 1MDB board on 20 June 2012. During mid-July 2012, 45 days after the investment in PSOSL equities on 1 June 2012, 1MDB disposed all 49% equity in PSOSL to Bridge Partners International Investment Ltd (Bridge Partners) for a minimum of US$ 2.2 billion at the suggestion of 1MDB's CEO. The sale was done on 12 September 2012 and Bridge Partners issued six non-interest bearing promissory notes worth US$ 2.318 billion. These promissory notes were further used as an investment in Segregated Portfolio Company (SPC) . On 12 September 2012, Brazen Sky Ltd (a subsidiary of 1MDB), entered into an investment management agreement with Bridge Global Absolute Return Fund SPC (Bridge Global SPC) and Bridge Partners Investment Management (Cayman) Ltd. to invest US$ 2.318 billion funded by

2112-459: The area, suspension of approvals from local authorities, delays in consumer authentication, weather conditions, and flash floods in November and December 2014. Besides that, the arrears amounting to RM396.42 million to PPHM until September 2015 also affected the progress of the construction site. This is because a total of RM1.926 billion (51.3%) of loans and sukuk amounting to RM3.75 billion

2176-461: The biggest in Sendayan , Negeri Sembilan . However, 1MDB has used part of the allocation (RM288 million) from Government allocation to pay 1MDB debt and not used accordingly to the original purpose of the allocation. On 13 May 2010, 1MDB as part of a consortium of companies, will jointly undertake redevelopment project of Sungai Besi Airport at Sungai Besi , an old international airport, which

2240-425: The case of a conditional discharge, an offender who fails to meet the conditions of the probation or commits another criminal offence during the probation period may be returned to court, have the discharge to be cancelled, and receive a criminal conviction and sentence for both the original offence and breach of probation. If the conditions of the discharge are met, it becomes an absolute discharge. A court may grant

2304-412: The case of an absolute discharge, three years for a conditional discharge. The Criminal Records Act states that except in exceptional circumstances, if the discharge is conditional, no record may be disclosed after three years. No conviction occurs, but the offender is required to fulfill certain conditions as part of the sentence. The offender is put on probation for a period of up to three years. In

2368-684: The company's original objectives. However, on 4 March 2016, the audit report produced by the Auditor General of Malaysia was classified as Official Secrets Act under the Official Secrets Act 1972 by the National Security Council (Malaysia) . After the victory of Pakatan Harapan in the 14th General Election in Malaysia, the audit report was declassified. The declassification was made on 15 May 2018 at

2432-611: The conversion of Murabahah Notes to equity investments in PSOSL was done without any study to identify PSOSL liabilities, the ability to generate funds, and past financial performance. The 1MDB board was aware that PSOSL operates in Venezuelan waters where sanctions have been imposed by the United States and ending drilling contracts, but the decision to invest in PSOSL proceeded despite such conditions. The documents were signed by 1MDB's CEO on 1 June 2012, long before obtaining

2496-438: The defendant would be inappropriate and the case is closed. In some jurisdictions, an absolute discharge means there is no conviction on the defendant's record, despite the plea of the defendant. A conditional discharge is an order made by a criminal court whereby an offender will not be sentenced for an offence unless a further offence is committed within a stated period. Once the stated period has elapsed and no further offence

2560-748: The energy resources, energy services, and energy infrastructure sectors in Indonesia up to US$ 120 million (RM366.68 million) through published share prices listed on the Indonesia Stock Exchange . During the meeting on 14 February 2012, CEO of SRC reported an estimated profit on the investment amounting to US$ 4 million. On 15 February 2012, SRC's shareholding by 1MDB was transferred to the Ministry of Finance Incorporation (MOFI) by way of acquisition of shares through interim dividend-in-specie payments. The transfer of SRC shares has reduced

2624-478: The full value of RM5 billion. On 31 July 2009, Minister of Finance (Incorporated) (MOFI) took over TIA and amended its name to 1Malaysia Development Bhd (1MDB). This acquisition by MOFI took place four months after Najib Razak became the Prime Minister of Malaysia. In his announcement on 22 July 2009, Najib said the decision to expand TIA into a federal entity was made to enable its benefits to reach

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2688-554: The imposition of any such disqualification or disability. However, courts can consider previous absolute discharges in the same way as they consider previous convictions. The meaning of absolute or conditional discharge does not exist as such in United States law. However, different jurisdictions within the United States have a variety of analogues. The most direct is the suspended sentence or sentencing to "time served", meaning time spent in custody until sentencing. Many or most states also have alternative forms of adjudication for which

2752-720: The initial investment fell off due to lack of energy resources and also the government policy that did not allow any other party other than Petronas to supply gas to Independent Power Producer (IPP) . On 11 January 2010, 1MDB signed a co-operation framework agreement with the State Grid Corporation of China (SGCC), with the intention of undertaking various energy-based projects in the Sarawak Corridor of Renewable Energy (SCORE) and subsequently become major investors in SCORE. On 18 January 2010, 1MDB signed

2816-425: The investment gradually which would improve perceptions of the funds's credibility. As of 20 December 2014, the total redeemed from the SPC fund was US$ 1.39 billion out of US2.318 billion and the balance of US$ 939.87 was to be fully redeemed by the end of December. The US$ 1.39 billion was transferred into Brazen Sky's bank account and then transferred into 1MDB Global Investment Ltd (1MDB-GIL) account. The SPC funds with

2880-457: The latter case proceedings on the charge are stayed but the accused may be charged again with the same offence in the future. For example, in 2020, Riza Aziz was discharged not amounting to an acquittal (DNAA) from five money laundering charges over US$ 248 million (RM1.25 billion), he had misappropriated from sovereign wealth fund 1Malaysia Development Berhad . In New Zealand, offenders can be "convicted and discharged" (a criminal record

2944-469: The main development of affordable housing in Penang. About 85.7% of land already owned by 1MDB through the acquisition of two companies, Gerak Indera and Farlim Properties (FPSB) with a total price of RM1.056 billion (and related expenses of RM15.25 million). However, the remaining 14.3% ownership of the land has not yet to be finalized. Development of the land is also difficult to implement as full support of

3008-512: The name of PetroSaudi, but the investment proposals submitted to the board of directors of 1MDB failed to state that. On 29 September 2009 (a day after formation of joint venture), Edward L. Morse submitted an asset valuation report on the same day he was appointed by the 1MDB chief executive officer . The assessment report takes into account assets in oil exploration and production rights in Turkmenistan and Argentina . The assessment

3072-414: The offender may also be re-sentenced for the offence for which a conditional discharge was given. Pursuant to section 82(2) of the Sentencing Act 2020 and R v Patel [2006] EWCA Crim 2689 the conditional discharge does not constitute a conviction unless the individual breaches the conditional discharge and is resentenced. The end of the rehabilitation period under the Rehabilitation of Offenders Act 1974

3136-433: The operating losses of the 1MDB Group from RM25 million to RM16.2 million, lowering the gearing ratio of 1MDB from 12 times to 9.5 times and reducing the government's total guarantee of RM2.902 billion to the 1MDB Group. 1MDB invested into real estate market with the aim of diversification and aim to generate long-term return on investment. From 2010 until September 2015, 1MDB have acquired five different property assets with

3200-575: The period of 2011 to 2015, SRC will supply coal for long-term needs of national by the fourth year of operation (in 2014). SRC obtains funding from government grants in the form of development grants of RM15 million out of RM20 million that were approved by the Economic Planning Unit (EPU) and RM2 billion financing from the Retirement Fund Incorporation (KWAP) . Financing amounting of RM2 billion from KWAP

3264-477: The plots sales, i.e. RM1.095 billion and SPV fund has been flow back to 1MDB instead of using it to finance the TRX project development cost. Bandar Malaysia is a 26-years long run project. It was acquired by 1MDB with the cost of RM368.72 million with additional cost of RM2.717 billion (partly funded by Government for RM1.117 billion) for the reallocation of the current Sungai Besi Airport which act as Royal Malaysian Air Force (RMAF) airbase to 8 new locations,

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3328-500: The project eventually implemented in Port Dickson , Negeri Sembilan due to the land is not suitable for the development of power plant. In July 2015, the land up for sale from 1MDB as part of the rationalization plan but until today the land yet to be sold to any party. In the early stage of 1MDB formation in 2009, 1MDB has embarked on a move in energy sector investment through joint venture with China and Qatar in:- However,

3392-428: The request of the seventh Prime Minister of Malaysia , Mahathir Mohamad . On 23 May 2018, the newly appointed Minister of Finance , Lim Guan Eng , appointed PricewaterhouseCoopers (PwC) to review and perform an audit of 1MDB. This followed revelations by directors of 1MDB that the company was insolvent and unable to repay its debts. On 28 June 2018, the president and chief executive officer, Arul Kanda Kandasamy

3456-504: The sentence is fixed by law (such as murder): Section 247 further provides that an absolute discharge shall be deemed not to be a conviction for any purpose other than the purposes of the proceedings in which the order is made and of laying it before a court as a previous conviction in subsequent proceedings for another offence, and shall in any event be disregarded for the purposes of any enactment which imposes any disqualification or disability upon convicted persons, or authorises or requires

3520-421: The small nature of the crime compared to the effects a conviction, without a sentence, would have may cause him to discharged without conviction. In England and Wales , a conditional discharge is a sentence vitiating the finding of guilt in which the offender receives no punishment if in a period set by the court (not more than three years), no further offence is committed. If an offence is committed in that time,

3584-467: The way to excommunication. This article related to law in Scotland is a stub . You can help Misplaced Pages by expanding it . Conditional discharge A discharge is a type of sentence imposed by a court whereby no punishment is imposed. An absolute discharge is an unconditional discharge whereby the court finds that a crime has technically been committed but that any punishment of

3648-459: The whole of Bandar Malaysia to be completed by 2040. Perbadanan Perwira Harta Malaysia (PPHM), a subsidiary of Armed Forces Fund Board Malaysia (or also known as Lembaga Tabung Angkatan Tentera (LTAT)) has been appointed as the main contractor for the RMAF base relocation project. As of August 2015, five out of eight supposed relocation sites have been late. The reasoning was a delay in submission of

3712-637: Was US$ 120 million with each party contribute US$ 60 million. The board of directors of SRCI approved a US$ 45.50 million investment in the coal industry at Mongolia but this investment was questioned as this investment was done without any evidence showing any feasibility studies done on the status of the project. The mentioned project was undertaken by the joint venture of ASRC with the Gobi Coal & Energy Limited (GCE) company. SRC also invested in PT ABM Investama TBK , that operates in

3776-448: Was a sovereign wealth fund with an initial fund of RM11 billion (US$ 3.25 billion in 2008) aimed at ensuring the economic development of Terengganu state . The fund's purpose was to ensure a long-term sustainable development while safeguarding the economic well-being of Terengganu residents. The TIA fund was derived from outstanding royalty income of RM6 billion and funds from bond issued by local and overseas financial markets. In addition,

3840-572: Was implemented on PetroSaudi International Ltd's assets despite the JV agreement clearly stating that the company owning all the rights and interests of the agreed assets for the joint venture project is PetroSaudi International Cayman, the report said. Besides that, the JV agreement lacked clauses to guard the interests of the company. Among others, there was an advance of US$ 700 million in fees to 1MDB-PetroSaudi from PetroSaudi Holdings to be fully repayable on or before 30 September 2009. On 30 September 2009,

3904-686: Was not obtained for the payment of US$ 700 million into a non-joint-venture account. In March 2010, about six months after the formation of joint venture of 1MDB-PetroSaudi, 1MDB disposed all the 40% stake (worth US$ 1 billion) for US$ 1.2 billion in Murabahah Note . Murabahah Notes are guaranteed by corporate guarantee , PetroSaudi International Ltd. On the other hand, 1MDB made an additional subscription to this Murabahah Notes up to additional US$ 830 million with partly funded via loans from financial institutions. On 1 June 2012, 27 months after holding on this Murabahah Notes , 1MDB redeemed all of

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3968-491: Was raised which was supposed to be used for financing both the reallocation of Sungai Besi Airport and the development of Bandar Malaysia was transferred back to 1MDB. In line with the 1MDB Group rationalization plan, on 31 December 2015, 1MDB announced the sale of 60% equity in Bandar Malaysia Sdn. Bhd. to the consortium of Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corporation(CREC) with

4032-431: Was received on 29 August 2011 with a term of financing of 10 years. The loan is guaranteed by the government which includes principal and financing benefits of RM2.902 billion. On 3 November 2011, SRC ( via subsidiary company SRC International (Malaysia) Limited, SRCI ) establish a joint venture with Aabar Investments PJS (Aabar) with the name of Aabar-SRC Strategic Resources Limited (ASRC) . The initial paid-up capital

4096-563: Was sacked for dereliction of duty. In 2024, firms and liquidators that were linked to the 1MDB corporate scandal were put into Chapter 15 bankruptcy as they are currently looking to recover assets. On 28 September 2009, 1MDB established a joint venture (JV) with PetroSaudi Holdings (Cayman) Ltd ; the company name was 1MDB-PetroSaudi Ltd with a 60:41 ratio where 1MDB held 41% with a cash contribution of US$ 1 billion while PetroSaudi Holdings contributed with assets of at least US$ 1.6 billion. There were four different companies registered under

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