DEBUNKED

Najib’s 1MDB trial: 1MDB BOD unaware of US$700m transferred to Jho Low’s company

November 17, 2021

792

- Advertisement - [resads_adspot id="2"]

The matter was made known only during a BOD meeting.

The High Court was told on Wednesday (Nov 17) that none of the 1Malaysia Development Berhad (1MDB) Board of Directors (BOD) members was aware of the US$700 million (RM2.92billion) transferred to a company owned by the fugitive businessman Low Taek Jho or Jho Low.

Former non-executive director of 1MDB Tan Sri Ismee Ismail, 57, said the matter was made known to them during a BOD meeting.

“During that meeting, 1MDB chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi informed the BOD that the transaction involving the transfer of US$700 million to the company was done because Good Star Limited (the company owned by Jho Low) was an affiliate to PetroSaudi International Ltd (PSI),” he said.

The 13th prosecution witness said it was during the same meeting that the entire BOD expressed their disagreement with the management’s action in transferring the money to the company without seeking prior approval from the BOD.

“The BOD was disappointed with the management who ignored the board’s instruction. At that time, none of the BOD members knew that the US$700 million paid by 1MDB was to Jho Low’s (company) account,” he said.

Ismee said the 1MDB management should have sought prior approval from the BOD pertaining to the money transfer, as it involved a huge financial impact on 1MDB.

He said this when reading his 111-page witness statement in the trial of former prime minister Datuk Seri Najib Razak who is facing four corruption charges involving RM2.3 billion of 1MDB funds and 21 money laundering charges involving the same money.

Ismee said former chairman of 1MDB Tan Sri Mohd Bakke Salleh had also instructed Shahrol Azral to convene a meeting with PSI to discuss and retrieve the money.

“At the BOD meeting, Mohd Bakke was furious to find out that the Joint Venture Agreement (JVA) was nothing like what was approved by the BOD and that several items included in the JVA did not seem right as if there was something hidden,” Ismee said.

The witness said they (the BOD) had to be careful so as to protect the Government-to-Government ties.

On the JVA between 1MDB and PSI, the witness said Mohd Bakke told the BOD Special Meeting on Sept 26, 2009, that Najib wanted the BOD to expedite the decision and to firm up in approving the proposed JVA.

“Before the meeting, Jho Low gave his phone to Mohd Bakke and the latter then told everyone that it was “PM call” and excused himself to answer the call.

“Soon after, he (Mohd Bakke) returned and told the meeting that Najib wanted the BOD to expedite the decision and firm up in approving the proposed JVA,” he said.

The trial before Justice Datuk Collin Lawrence Sequerah continues on Thursday (Nov 17).

Earlier reports:

Nov 15, Najib’s 1MDB trial: RM49m that 1MDB forrowed went into Najib’s account

Nov 11, Najib’s 1MDB trial: Najib had ultimate power in 1MDB

Nov 9, Najib’s 1MDB trial: 1MDB was run like a ‘Petaling Street coffee shop’

May 20, Najib’s 1MDB trial: US$2.7b became US$60,000 in just months but CEO kept mum

May 17, Najib’s 1MDB trial: Ex-1MDB CEO suspected illegal activities between Najib and Jho Low

Feb 15, Najib’s 1MDB trial: Ex-1MDB CEO believes UMNO benefited from 1MDB

Feb 15, Najib’s 1MDB trial: 1MDB’s senior executive meetings held in Jho Low’s apartment

Feb 10, Najib’s 1MDB trial: Najib claimed Saudi prince “donated” to 1MDB’s charity arm

Feb 9, Najib’s 1MDB trial: Najib received RM2.973b from 1MDB

Feb 9, Najib’s 1MDB Trial: Jho Low known as “PMO” in 1MDB board meetings was “the man”