KUALA LUMPUR — Oct. 9, 2019: A key witness today alleged that the AmBank Group purposely hid from 1Malaysia Development Berhad the fact that two of the secondary subscribers of its bond sales in 2009 belonged to fugitive businessman Jho Low but stopped short of speculating why the bank did so.
Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi further testified that the 1MDB board had summoned AmBank to explain why the company received only RM4.3 billion for its RM5 billion Islamic medium-term notes instead of its face value.
The bank’s presentation only told 1MDB that the bonds were subscribed by EPF, Socso and insurance companies.
Shahrol was continuing his testimony today in the trial of former prime minister Datuk Seri Najib Razak who is facing 25 charges involving money belonging to 1MDB.
According to the witness, 1MDB, the Social Security Organisation and Malaysians suffered losses from the sale of the bonds issued by the Terengganu Investment Authority Berhad (TIA), from which 1MDB was created.
Shahrol read a letter between AmBank and Aktis pertaining to a net amount of RM74.62 million payable to the latter.
Hearing before Justice Collin Lawrence Sequerah continues. — Bernama