Local

1MDB case: Most of the money went to PetroSaudi

The TRX project site with its signature tower that will soon have its first occupants.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — Nov. 4, 2019: The money was meant for the Tun Razak Exchange (TRX) and Bandar Malaysia projects but instead went to foreign company PetroSaudi International Ltd.

The plan was for 1MDB to raise RM5 billion and RM10 billion through bridging loan facilities for the TRX and Bandar Malaysia respectively.

However, only RM5 billion was raised, while the rest was never raised.

In fact, former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi testified today that only a very tiny portion was used for the TRX, with most of the money going to PSI for the Murabaha agreement.  

When asked by lawyer Tan Sri Muhammad Shafee for former prime minister Datuk Seri Najib Razak if Najib had ever said he knew for a fact who specifically was the owner of PSI, Shahrol replied that Najib never said that.

To a further question if he expected Najib in his capacity as a shareholder to conduct due diligence, Shahrol said this: “In general, yes. But in this situation, my perception was that Najib had personally invested in this relationship, had met up with Prince Turki (of Saudi Arabia) on a holiday. I cannot say one way or the other if the prime minister would have the capacity to do due diligence”.

Pressed further by Shafee if someone professional should have performed due diligence, the witness agreed.

The court also heard that despite 1MDB holding a 40 percent share in a joint-venture with PetroSaudi Holdings (Cayman) Ltd., the latter had full control.

Shahrol Azral said PetroSaudi had simply dismissed 1MDB’s numerous requests for information and to hold board meetings of the joint-venture company.

Najib faces 25 charges involving RM2.3 billion of 1MDB money.

Hearing before Justice Collin Lawrence Sequerah continues tomorrow. — Bernama

Comments

comments

About the author

Syndicated News

Syndicated News

News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.