Najib’s 1MDB Trial: Day 29

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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.

Azneal Ishak/Malaysiakini

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.

Mukhriz Hazim/Malaysiakini

“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.

Earlier reports:

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