1MDB chief sent funds to Jho Low’s firm twice, lawyer submits

1MDB chief sent funds to Jho Low’s firm twice, lawyer submits

Najib Razak's lawyer, Wan Azwan Aiman Wan Fakhruddin, said the first transaction was for US$700 million in 2009 and a second transaction of US$330 million in 2011.

Najib Razak faces four charges of abusing his position to obtain RM2.3 billion from 1MDB funds and money laundering. (Bernama pic)
KUALA LUMPUR:
The High Court here today was told that the former 1MDB chief executive officer Shahrol Azral Ibrahim Halmi twice transferred company funds into a company owned by fugitive businessman Low Taek Jho or Jho Low.

Lawyer Wan Azwan Aiman Wan Fakhruddin, acting for former prime minister Najib Razak, said in his submission that after the first transaction of US$700 million in 2009, a second transaction involving US$330 million took place in 2011.

“This would be the second time Shahrol parted with a further US$330 million of 1MDB’s funds to Good Star Ltd.

“If the prosecution is looking for evidence of a (problem in the) system at 1MDB, they should be looking at their own brilliant beacon witness, Shahrol,” Wan Azwan said in his submissions at the end of the prosecution’s case.

It was previously reported that the second transaction of US$330 million in 2011 was part of a drawdown by PetroSaudi International Ltd under a murabaha financing agreement with 1MDB.

The agreement was entered into between both parties after terminating their joint venture, which involved 1MDB injecting US$1 billion cash, of which US$700 million was diverted to Good Star.

In 2019, Shahrol testified that it was only in 2015 that he knew Good Star was linked to Jho Low.

Najib, 71, faces four charges of abusing his position to obtain RM2.3 billion from 1MDB funds at the AmIslamic Bank Berhad branch on Jalan Raja Chulan, between Feb 24, 2011 and Dec 19, 2014.

He also faces 21 charges of money laundering involving the same amount at the same bank between March 22, 2013 and Aug 30, 2013.

The submissions continue on Sept 10.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.