The High Court today was told that 1Malaysia Development Berhad (1MDB) took out another loan to complete the joint venture (JV) with Aabar Investment PJS despite having an existing USD$3 billion in issued bonds for the JV and deep in RM32 billion debt back in 2014.
Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi, who has been on the witness stand since late last year, said the sovereign wealth fund, however, had no choice but to take out the loan as they were obliged to follow Prime Minister’s Office (PMO) instruction to get the JV done before the visit of Crown Prince of Abu Dhabi.
The 49-year-old witness said this during cross-examination by lawyer Wan Aizuddin Wan Mohammed at Datuk Seri Najib Tun Razak’s RM2.3 billion 1MDB graft trial.
Wan Aizuddin: At the time 1MDB had accumulated a debt of RM32 billion ringgit, would it be prudent to take out another loan to eliminate the buyback action?
Shahrol Azral: The simple answer is we have no choice as we were under clear instructions from the PMO to get the JV done.
For the record, the buyback option was to redeem “Aabar Options” during the acquisition of independent power plants back in 2012, as what agreed upon between 1MDB and Aabar. The redeem was made through 1MDB subsidiary company, 1MDB Energy Holdings Limited.
Wan Aizuddin: How do you know the instruction came from PMO?
Shahrol Azral: There were talking points passed to me by fugitive businessman, Low Taek Jho or Jho Low and there was also an email from Najib’s principal private secretary, the late Datuk Azlin Alias, detailing the final form of the JV.
Wan Aizuddin: The company is already in billions of dollars in debt, but you took out another loan?
Shahrol Azral: It was consistent with the instruction by PMO and Jho Low to me to make it a done deal (JV deal) and it was not another loan, it was refinancing.
Wan Aizuddin: So you took out another loan to finance a loan? Was it at a lower rate?
Shahrol Azral: It was called refinancing and yes ideally at a lower rate.
The ninth prosecution witness added that there was no approval from the 1MDB board on the utilisation of the USD$3 billion bond which 1MDB raised to finance the development of Kuala Lumpur International Financial District (now known as TRX) project.
Wan Aizuddin: You can also confirm that there was no approval by 1MBD board of directors in relation to utilisation of USD3 billion bond?
Shahrol Azral: There was no specific approval. However, there was one time that 1MDB chief financial officer Azmi Tahir updated the board, saying that the funds will be placed with a fund manager.
Shahrol Azral added that the deal with Aabar was pushed through despite the debt because of Jho Low’s involvement.
Wan Aizuddin: You knowingly and actively participated in defrauding 1MDB by misleading the board, the (then) PM and the government of Malaysia.
Shahrol Azral: I disagree.
Shahrol Azral also disagreed to the suggestion by the lawyer that the embezzlement of funds out of the US$3 billion bond was done in his full knowledge, in cahoots with Jho Low, his associates as well as 1MDB financial adviser, Goldman Sachs.
Najib, 67, faces four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.
The trial before Justice Collin Lawrence Sequerah continues tomorrow.
-- BERNAMA
Bernama
Tue Sep 01 2020
Shahrol Azral also disagreed to the suggestion by the lawyer that the embezzlement of funds out of the US$3 billion bond was done in his full knowledge.
Perang Iran-Israel: Malaysia pantau kesan terhadap ekonomi - Tengku Zafrul
Kementerian Pelaburan, Perdagangan dan Industri memantau rapat perkembangan ketegangan geopolitik di Asia Barat termasuk membabitkan Iran dan Israel susulan letupan di Isfahan hari ini.
"OIC dah tak bermakna, tak berguna dalam meredakan ketegangan"
Pandangan dikongsi Prof Dr Salawati Mat Basir, Pakar undang-undang antarabangsa, Universiti Kebangsaan Malaysia (UKM).
Perjuangan PBB banyak disekat oleh AS dan EU
Sementara itu, Prof. Madya Dr. Mohd Yazid Zul Kepli berkata tidak wajar menyalahkan Pertubuhan Bangsa-Bangsa Bersatu (PBB) yang telah konsisten mengutuk tindakan israel dan berusaha gigih dalam membawa penyelesaian damai dalam isu ini.
Tindakan Israel mencetuskan ketegangan lebih buruk di Asia Barat
Pakar Undang-undang Antabangsa, Kulliyyah Undang-undang Ahmad Ibrahim (AIKOL), Universiti Islam Antarabangsa Malaysia (UIAM), kesediaan Iran untuk bertindak balas dengan segera dan tegas menunjukkan bahawa mereka tidak akan berdiam diri dalam menghadapi sebarang ancaman terhadap kedaulatan dan keselamatan negara mereka.
Perang Iran-Israel: Kerajaan mesyuarat petang ini, termasuk bawa pulang rakyat Malaysia
Kerajaan akan mengadakan mesyuarat khas petang ini bagi membincangkan situasi semasa di Iran termasuk kemungkinan membawa pulang rakyat Malaysia di negara itu susulan serangan rejim Israel.
Usaha tingkatkan kadar gaji penjawat awam diumum Hari Pekerja - PM Anwar
Cadangan penambahbaikan, usaha tingkatkan kadar pendapatan bersih penjawat awam akan diumumkan pada Hari Pekerja, kata Perdana Menteri
Mangsa serangan buaya boleh minta bantuan tabung JKM - Nancy
Mangsa serangan buaya atau binatang buas boleh memohon bantuan daripada Jabatan Kebajikan Masyarakat (JKM) menerusi Tabung Bantuan Mangsa Serangan Binatang Buas.
Iran nafi diserang Israel, anggap propaganda media Barat
Pegawai Kerajaan Iran mendakwa mendakwa, ia hanyalah sebahagian daripada propaganda media barat, untuk mengelirukan pandangan dunia.
AWANI Ringkas: Beras dibuang sebab telah rosak, tidak selamat
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
[INFOGRAFIK] Letusan Gunung Ruang
Berikut adalah info berkenaan dengan letusan Gunung Ruang di Wilayah Sulawesi Utara.
Jho Low masukkan wang RM100 juta sebagai hadiah kepada bekas peguam 1MDB
Bekas peguam 1Malaysia Development Berhadmengaku di Mahkamah Tinggi bahawa beliau menerima hadiah RM100 juta daripada ahli perniagaan dalam buruan Jho Low, walaupun telah meninggalkan syarikat itu.
'Saya percayakan Jho Low sebab dia sudah miliki wang berjuta' - Jasmine Loo
Bekas peguam 1MDB memberitahu Mahkamah Tinggi Kuala Lumpur pada Jumaat bahawa tidak terlintas di fikirannya ahli perniagaan dalam buruan Jho Low adalah seorang penipu.
Utusan Malaysia mohon maaf kepada pembaca
Portal berita tempatan Utusan Malaysia memohon maaf selepas menerbitkan artikel berhubung pengampunan bekas Perdana Menteri, Datuk Seri Najib Tun Razak.
Najib tidak maklumkan terbitan bon AS$3.5 bilion kepada Kabinet
Mahkamah Tinggi hari ini diberitahu Datuk Seri Najib Tun Razak tidak memaklumkan Kabinet mengenai terbitan bon AS$3.5 bilion.
Najib disyaki terima AS$681 juta untuk beli undi PRU13 - SPRM
Seorang pegawai penyiasat SPRM memberitahu Mahkamah Tinggi di sini pada Selasa bahawa, Datuk Seri Najib Tun Razak disyaki menerima AS$681 juta untuk membeli untuk PRU13 pada 11 tahun lalu.
Najib belanja RM80,000 untuk ubat cegah kanser pada 2013 - Pegawai penyiasat
Mahkamah diberitahu bahawa Datuk Seri Najib Tun Razak membelanjakan RM80,000 pada 2013 untuk suplemen dan vitamin bagi pencegahan kanser daripada wang derma.
Muhyiddin titipkan doa buat Najib
Semalam, Menteri Kesihatan, Dr Zaliha Mustafa dalam sidang media di Parlimen turut mengesahkan masalah kesihatan yang sedang dihadapi Najib.
Berita tempatan pilihan sepanjang hari ini
Berikut adalah berita yang paling menjadi tumpuan sepanjang Selasa, 15 Ogos 2023.
1MDB: Kerajaan sita, lucut hak harta lebih RM83 juta
Kerajaan sudah menyita dan melucut hak pelbagai harta bernilai lebih RM83 juta berkait kes penyelewengan dana 1Malaysia Development Berhad (1MDB) setakat ini.
SPRM percaya Jho Low sembunyi di Macau - Laporan
Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) percaya bahawa ahli perniagaan dalam buruan Low Taek Jho atau Jho Low bersembunyi di Macau.