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letsdothis3 ago

2017 article: PetroSaudi Has Lost $130 Million Venezuela Dispute - After UK Court Cited 'Fraudulent Actions' !

PetroSaudi’s evident financial problems go back to accusations of malpractice by the Government of Venezuela, which is refusing to pay for oil extracted by the company pending arbitration on this issue, Sarawak Report can confirm.

The company, which had launched operations in Venezuela thanks to a huge cash input from Malaysia’s 1MDB development fund, attempted to by-pass these accusations by exacting a stand-by letter of credit from a Venezuelan Bank, which cited that the government must pay the company, whether or not there were disputes to be settled.

However, when the matter came before the UK High Court (which had jurisdiction over the credit agreement) the Judge ruled against PetroSaudi Oil Services (POS) on grounds of fraud by its then Director and Legal Counsel, none other than the ex-White & Case lawyer Tim Buckland, who helped mastermind the 1MDB heist by Jho Low.

It is a devastating indictment of Buckland, who appears to have resigned all his directorships in July of 2015 (although owing to the company’s overdue filings of its accounts this cannot be confirmed).

It also means that PetroSaudi was not able to extract the $130 million that it was hoping to get out of the Venezuelan Novo Bank, despite its dispute with the authorities in that country. This would seem to explain the group’s warning in belated accounts that it might not be able to service the $16.3 millions dollars in debts owed by one of its** London subsidiaries PetroSaudi Energy & Trading (UK) Ltd, which has ceased trading.**

PETROSAUDI ENERGY AND TRADING (UK) LTD - https://beta.companieshouse.gov.uk/company/07580823/officers

One of the Directors - Patrick Mahony https://beta.companieshouse.gov.uk/officers/eycagaeWKPiMpmDgymXiO5k0jQE/appointments

CIO of BELLEVUE EDUCATION INTERNATIONAL LIMITED (08028529)

Bellvue - https://beta.companieshouse.gov.uk/company/08028529/officers

Director, Jay Varkey https://beta.companieshouse.gov.uk/officers/kwuVyHJMaNM5m2zSxTR9vKGvpX8/appointments

Sunny Varkey is his father https://en.wikipedia.org/wiki/Sunny_Varkey

Voat posts re Varkey family and GEMS and Hamsptead:

Blackstone, the Royal Foundation, the Varkey Foundation, the Clinton Foundation, Pizzagate and Hampstead

Tracking Clinton Founadtion Shipping Associates

Majid co-Chairs, alongside former President Clinton, Business Backs Education, a United Nations UNESCO-run global educational campaign. The campaign is funded by the Varkey GEMS foundation, a contributor to the Clinton Global Initiative.

London's magic circle, the Hampstead case, Tony Blair Institute for Global Change and the Clinton Foundation

Dyncorp/Cerberus, the Child Mind Institute, the Owen and Mzee Foundation, a UN backed Clean Cookstoves controversy and the Clinton Global Alliance... And what about the UK connections?

The list goes on...

kestrel9 ago

thanks for this, so much reading to do today (like most days I guess)