SINGAPORE (July 20): The Edge Financial Daily, in a front page story this morning, has laid out key facts on a series of controversial transactions between 1Malaysia Development Bhd (1MDB) and PetroSaudi International, which it says amounted to a scheme to steal US$1.83 billion ($2.5 billion) from Malaysia.

It named Low Taek Jho (also known as Jho Low), Tarek Obaid and Patrick Mahony, abetted by a few 1MDB top executives, as the people behind the transactions, which started in 2009 with an initial US$1 billion investment by 1MDB and that grew to US$1.83 billion by 2011. With a flow chart detailing how funds were channelled to various parties, The Edge Financial Daily explained how the whole scheme points to fraud and international money laundering.

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