No monies from 1MDB were ever 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.

Lawyer Alex Tan also submitted that no funds from the Malaysian sovereign wealth fund ended up in an escrow account managed by United Kingdom-based law firm Clyde & Co LLP.

The lawyer represented three of the five respondents targeted by...