High Court allows PSI's subsidiary's request for release of US$1.357m

The US$1.357 million out of US$340.26 million kept in a London law firm can now be released to PetroSaudi Oil Services (Venezuela) Limited (PSOS-VZ) after the Kuala Lumpur High Court today allowed the company’s application to amend an interim order which prohibited it from moving the monies to other entities.

The monies were said to be linked to 1Malaysia Development Berhad (1MDB). The funds, which belong to PSOS, are currently in an escrow account held by Clyde & Co LLP in the United Kingdom.