Jho Low prepared minutes of meeting in advance, Shahrol tells court

Jho Low prepared minutes of meeting in advance, Shahrol tells court

The ex-1MDB CEO explains why the issue of US$700 million paid to Good Star Limited was not recorded in the minutes of his meeting with Najib Razak.

Former 1MDB CEO Shahrol Azral Ibrahim Halmi agreed with defence lawyer Muhammad Shafee Abdullah that Jho Low was 1MDB’s ‘shadow CEO’.
KUALA LUMPUR:
Former 1MDB chief executive officer Shahrol Azral Ibrahim Halmi told the High Court today the issue of US$700 million paid to Good Star Limited, a company purported to be a subsidiary of Petro Saudi International, was not recorded in the minutes of his meeting with Najib Razak

Shahrol said the minutes of the meeting, dated Oct 16, 2009, had already been prepared in advance by fugitive businessman Low Taek Jho before the meeting took place at the former prime minister’s house in Langgak Duta.

“I remembered the gist (of the meeting), that I told Datuk Seri the board of directors had issues with Petro Saudi International and the board didn’t trust the PSI guys.
“The issues on assets valuation and the US$700 million 1MDB needed to pay Petro Saudi International were also raised,” he said.

Najib’s lawyer Muhammad Shafee Abdullah then commented that the Penang businessman, also known as Jho Low, “seems to know what Najib will be saying”.

In response, Shahrol said: “It is interesting, isn’t it?”

To another question on whether Low was 1MDB’s “shadow CEO”, Shahrol replied: “Well, he is. To use the prosecution’s words, he is the mirror image of the prime minister at that time”.

Shafee told Shahrol that as CEO, he did not have a fiduciary duty to Najib, who was 1MDB’s sole shareholder in his capacity as the then finance minister.

Shafee: You do not understand the Companies Act, and you messed up the line of authority? Because under the law, it says that the CEO owes his duty to the company.

Shahrol: Perhaps I was wrong in considering that I should listen to Datuk Seri on all matters of 1MDB.

Najib is standing trial on 25 counts of money laundering and abuse of power charges over alleged 1MDB funds amounting to RM2.28 billion deposited in his AmBank accounts between February 2011 and December 2014.

The hearing before High Court judge Colin Lawrence Sequerah continues tomorrow.

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