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

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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”

Feb 8, Najib’s 1MDB Trial: Ex-CEO says in 1MDB, you either follow instructions or quit

Jan 6, Najib’s 1MDB trial: Day 52

Jan 5, Najib’s 1MDB Trial: Day 51

Sept 17, 2020, Najib’s 1MDB Trial: Day 50

Sept 15, Najib’s 1MDB Trial: Day 49

Sept 14, Najib’s 1MDB Trial: Day 48

Sept 3, Najib’s 1MDB Trial: Day 47

Sept 2, Najib’s 1MDB Trial: Day 46

Sept 1, Najib’s 1MDB Trial: Day 45

Aug 17, Najib’s 1MDB Trial: Day 44

Aug 5, Najib’s 1MDB Trial: Day 43

Aug 4, Najib’s 1MDB Trial: Day 42

Aug 3, Najib’s 1MDB Trial: Day 41

Jul 17, Najib’s 1MDB Trial: Set to Last Until at Least June 2021

Jul 16, Najib’s 1MDB Trial: Day 39

Jul 15, Najib’s 1MDB Trial: Day 38

Jul 1, Najib’s 1MDB Trial: Day 37

Jun 30, Najib’s 1MDB Trial: Day 36

May 21, Najib’s 1MDB Trial: Day 35

May 21, Najib’s 1MDB Trial: Day 34

May 19, Najib’s 1MDB Trial: Day 33

Nov 11, 2019, Najib’s 1MDB Trial: Day 32

Nov 7, Najib’s 1MDB Trial: Day 31

Nov 6, Najib’s 1MDB Trial: Day 30

Nov 5, Najib’s 1MDB Trial: Day 30

Nov 4, Najib’s 1MDB Trial: Day 28

Nov 4, 1MDB Trial: Judge Reprimands Najib After Tg Piai Trip

Oct 31, Najib Calls in Sick with Swollen Eyes, 1MDB Trial Postponed Yet Again

Oct 30, Najib’s 1MDB Trial: Day 27

Oct 29, Najib’s 1MDB Trial: Day 26

Oct 24, Najib’s 1MDB Trial: Day 25

Oct 24, Najib Asks Prosecution to Hand Over Justo’s Information Given to MACC

Oct 21, Najib’s 1MDB Trial: Day 24

Oct 17, Najib’s 1MDB Trial: Day 23

Oct 17, Jho Low Changed 1MDB Constitution to Give Najib Absolute Power

Oct 16, Najib’s 1MDB Trial: Day 22

Oct 14, Najib’s 1MDB Trial: Day 21

Oct 10, Najib’s 1MDB Trial: Day 20

Oct 9, Najib’s 1MDB Trial: Day 19

Oct 8, Najib’s 1MDB Trial: Day 18

Oct 7, Najib’s 1MDB Trial: Day 17

Oct 7, Some Umno People Envious of Jho Low-Najib Ties, Court Told

Oct 1, Najib’s 1MDB Trial: Day 16

Oct 1, Arul Kanda Told Ex-1MDB CEO to Leave Country to Avoid PAC Meeting

Oct 1, Ex-1MDB CEO Paid RM99K Monthly, RM1.5M Bonus

Oct 1, Jho Low Helped Plan Abu Dhabi Crown Prince’s Trip to Sway Voters for GE13

Sept 30, Najib’s 1MDB Trial: Day 15

Sept 30, Witness: Najib Used 1MDB to Raise Funds for GE13

Sept 26, Najib’s 1MDB Trial: Day 14

Sept 26, Jho Low, Tim Leissner Played “Matchmaker” for Najib to Meet Goldman Sachs

Sept 26, US$9M Transferred from Jho Low’s Good Star to Riza Aziz’s Red Granite Pictures

Sept 26, Jho Low, Najib Faked Meeting Minutes to Move US$750M from 1MDB to PSI

Sept 26, Najib Agreed to 1MDB Borrowing RM3B from SOCSO to Lend to PetroSaudi

Sept 25, Najib’s 1MDB Trial: Day 13

Sept 24, Najib’s 1MDB Trial: Day 12

Sept 23, Najib’s 1MDB Trial: Day 11

Sept 19, Najib’s 1MDB Trial: Day 10

Sept 18, Najib’s 1MDB Trial: Day Nine

Sept 18, Najib’s Ex-Aide Led MACC to Raid on Jho Low’s Apartment

Sept 18, Najib’s 1MDB Trial Halted Briefly for Najib to See Eye Specialist

Sept 17, Najib’s 1MDB Trial: Day Eight

Sept 17, Witness Identifies Riza Aziz, Arul Kanda and Five Others as Key Players in 1MDB Saga

Sept 17, Bono, Queen of Jordan, Rosmah Floated as Trustees for TIA

Sept 17, Witness Says 1MDB Najib’s Baby, Defence Claims It Was Terengganu Sultan’s Idea

Sept 11, Najib’s Eye Infection Halts 1MDB Trial

Sept 10, Najib’s 1MDB Trial: Day Six

Sept 10, Rosmah Fond of Jho Low

Sept 10, Najib’s Ex-Aide: Jho Low Provided Scripted Responses to Deny His Involvement in 1MDB

Sept 10, Istana Negara Questioned Jho Low’s Role in 1MDB Predecessor TIA

Sept 5, Najib’s 1MDB Trial: Day Five

Sept 5, 1MDB Trial: Judge Raps Shafee over Najib’s Tardiness

Sept 5, 1MDB Trial: Najib’s Ex-Aide Took US$200K Loan from Jho Low to Buy Property

Sept 5, 1MDB Trial: Najib’s Ex-Aide Accused of Lying

Sept 4, Najib’s 1MDB Trial: Day Four

Sept 4, Najib’s Ex-Aide: Mudabala CEO Was Promised All Sorts of Things

Sept 4, Najib’s Ex-Aide, Jho Low on “Secret China Mission” to Bail Out 1MDB

Sept 4, Jho Low Ordered Najib’s Ex-Aides to Open Overseas Bank Accounts

Sept 3, Najib’s 1MDB Trial: Day Three

Sept 3, Najib’s Ex-Aide: Jho Low Drew Out Wealth Fund Concept on Kitchen Whiteboard

Sept 3, Jho Low Gave Possibly Forged Letters from Saudi Arabia to Stop 1MDB Probe

Sept 3, Only Najib and Jho Low Knew “Full Picture” of 1MDB Plan

Sept 3, Jho Low in Najib’s Inner Circle

Aug 29, Najib’s 1MDB Trial: Day Two

Aug 28, Najib’s 1MDB Trial: Day One

Aug 28, Shafee: Prove Najib Knew Arab Donation Letter Faked, Jho Low Is Najib’s Alter Ego

Aug 28, Najib’s 1MDB Trial: Shafee Again Questions Sri Ram’s Appointment

Aug 28, Najib’s 1MDB Trial: Gopal Sri Ram’s Full Opening Statement

Aug 28, Najib’s 1MDB Trial: Prosecution to Show Saudi Donations a Sham

Aug 28, Najib’s 1 MDB Trial: Prosecution to Prove Jho Low Was Najib’s Alter Ego

Aug 28, Najib’s 1MDB Trial Begins