PetroSaudi CEO loses appeal to dismiss US DOJ suit

A US Court of Appeal has reaffirmed a lower court's decision to dismiss a motion by PetroSaudi International (PSI) CEO Tarek Obaid to set aside a US government civil forfeiture suit on his equity holdings.

In a two to one decision, the Court of Appeal ruled that it was immaterial whether Obaid was involved in a criminal conspiracy involving 1MDB and that the plaintiff had wrongly argued that the court had no jurisdiction over the stock holdings in question.