1MDB-PetroSaudi joint venture a failure.
9.30am: Najib Abdul Razak enters the High Court and takes a seat at the front row of the public gallery to await proceedings to begin.
Also seen in court is lead DPP Gopal Sri Ram and other members of the prosecution team, as well as members of the former prime minister’s defence team.
9.50am: Najib steps into the dock as proceedings begin.
Lead defence counsel Muhammad Shafee Abdullah is set to cross-examine former 1MDB CEO Shahrol Azral Ibrahim Halmi, who is seen sitting in the witness stand.
9.53am: Shahrol agrees with Shafee that the 40:60 1MDB-PetroSaudi joint venture was a failure.
10.10am: They are going through the 1MDB board’s suggestions on entering another JV with GDF Suez.
According to the minutes of the board meeting, former 1MDB chief investment officer Nik Faisal Ariff Kamil suggested that due diligence be carried out before the JV was signed. The board chairman suggested that there would be no immediate monetary returns, and that 1MDB would not control the French energy company.
10.38am: Shahrol testifies that the board sought Najib’s advice as chairperson of its board of advisors on investing in Project Suez.
10.53am: The court hears that Najib, too, disagreed with the JV, and said, in writing, that due diligence and feasibility studies must be carried out.
10.56am: Shafee likens Shahrol as being part of a conspiracy to put Najib in a compromised position.
Shafee: You are like the Malay proverb “Cuba menegak benang basah“, it is clear on your part in the conspiracy to put the PM (prime minister) in a compromised position.
Shahrol: I disagree.
Earlier, Shafee cross-examined Shahrol over the alleged fact that the minutes of July 21, 2010, meeting between Shahrol and Najib was already prepared beforehand by Nik Faisal Ariff Kamil.
Nik Faisal was the CEO of SRC International.
Shafee was grilling Shahrol over how it seemed that the minutes were already prepared earlier by Nik Faisal even before the meeting transpired.
Proceedings then adjourn for a short break.
12.05pm: Court resumes after the break. Shahrol says in 2010, 1MDB was in talks to purchase the Bakun Dam as the federal government was unable to sell it. He says the discussions had to be called off.
12.15pm: Bank Negara was not informed of the diversion of US$700 million to Jho Low-linked Good Star Ltd during a meeting between the central bank and representatives of 1MDB in mid-2010, Shahrol tells the court.
Shahrol admits to this during cross-examination by Shafee.
It was reported that US$700 million was diverted from the US$1 billion meant for the 1MDB-PetroSaudi joint venture in 2009.
Shafee: Why was Bank Negara not informed about the US$700 million?
Shahrol: We (1MDB) were still under the impression that it (money) was remitted to PSI.
Shahrol also admits he thought at the time that Good Star was part of PSI.
12.36pm: Shafee asks if 1MDB had authority to lend money. Yes, replies Shahrol.
Shafee asks if the state investor had a licence to lend funds. Shahrol says no.
12.39pm: Court breaks for lunch.
2.43pm: Court is back in session.
3.10pm: Shahrol testifies that 1MDB only regained back hundreds of millions from the US$2.2 billion-plus owed by PetroSaudi.
“Some money came back in the order of magnitude of hundreds of millions, but not comfortable to say the figure,” Shahrol says.
“Some of it was repatriated in the low hundreds of millions. Majority stuck in fund units. By that time, I had left 1MDB management,” he added.
3.17pm: Shafee suggests that 1MDB would have flagged suspicious transactions. Shahrol agrees.
3.46pm: Shahrol confirms that there was a request for 1MDB to borrow US$500 million from Standard Chartered Labuan, with the sum to refinance the US$500 million that had been transferred from 1MDB’s AmBank account to PSI.
3.57pm: Court takes a break.
4.48pm: High Court judge Collin Lawrence Sequerah allows proceedings to adjourn earlier today as Shafee has to attend an Azlan Shah Lecture event this evening.
Trial will resume tomorrow at 9.30am.
Nov 4, Najib’s 1MDB Trial: Day 28
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 21, Najib’s 1MDB Trial: Day 24
Oct 17, Najib’s 1MDB Trial: Day 23
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 1, Najib’s 1MDB Trial: Day 16
Sept 30, Najib’s 1MDB Trial: Day 15
Sept 26, Najib’s 1MDB Trial: Day 14
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 17, Najib’s 1MDB Trial: Day Eight
Sept 10, Najib’s 1MDB Trial: Day Six
Sept 10, Rosmah Fond of Jho Low
Sept 5, Najib’s 1MDB Trial: Day Five
Sept 4, Najib’s 1MDB Trial: Day Four
Sept 3, Najib’s 1MDB Trial: Day Three
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, Najib’s 1MDB Trial Begins