Part of the US$340 million of 1MDB’s monies were funnelled into an oil drilling and exploration venture between an entity linked to Petrosaudi International Limited (PSI) and the Venezuelan government, the Kuala Lumpur High Court heard today.

Deputy public prosecutor Norinna Bahadun made this oral submission during the hearing of the government’s legal action to prohibit PSI and several others from utilising the funds believed to be in an account managed by the United Kingdom (UK) based law firm, Clyde & Co LLP...