Najib’s Yacht Trip with Prince Birthed PetroSaudi Deal

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In the middle of 2015, photographs of the then prime minister Najib Abdul Razak and his family with businessperson Low Taek Jho, better known as Jho Low, and two Middle Eastern persons on a yacht were published online.

Online portal Sarawak Report had published the images, obtained from the trove of PetroSaudi International (PSI) emails which were stolen by former employee Xavier Andre Justo, who would inadvertently become a whistleblower that set in motion the unravelling of the 1MDB scandal.

The pictures showed Najib with his wife Rosmah Mansor, and children Norashman and Nooryana Najwa, together with Low and PetroSaudi executives Prince Turki Abdullah and Tarek Obaid.

Sarawak Report said the trip was a summer holiday that took place in the south of France in August 2009.

Now, a witness in Najib’s 1MDB graft trial has testified about the same trip, which he said was where 1MDB’s joint-venture with PSI was conceived.

The deal eventually saw US$1.83 billion in 1MDB funds misappropriated.

Testifying as the prosecution’s ninth witness, ex-1MDB CEO Shahrol Azral Ibrahim Halmi said he was informed about this by Low.

“Low informed me that the joint-venture idea was conceived and discussed in August 2009 when Najib was holidaying in the south of France on a yacht with Prince Turki Abdullah.

“Low also informed that before that meeting, Najib had also met with King Abdullah and both leaders agreed to form a joint-venture worth US$2.5 billion for investments in both countries.

“Low also said he was personally present during the discussion and Najib instructed him to manage and coordinate between 1MDB and PSI,” Shahrol told the Kuala Lumpur High Court today.

The witness said this, together with a letter dated Aug 28, 2009, from PetroSaudi addressed to Najib, which reference the August 2009 meeting between Najib and Prince Turki and a proposal for a joint venture, convinced him to proceed with the deal.

Shahrol said the PetroSaudi deal was internally referred to as “Project Aria”.

Believing it to be “national interest,” he said he delegated works for the deal to 1MDB business development executive director Casey Tang and Low, who were both close.

“I put my full trust in them because this is a difficult task and their background would play an important role.

“I manage in terms of processes and oversight such as negotiating with the board of directors and other matters that require executive action,” he said.

Najib is facing 25 charges of money laundering and abuse of power over the alleged misappropriation of RM2.28 billion from 1MDB.

The trial is being presided by Kuala Lumpur High Court judge Collin Lawrence Sequerah. – Malaysiakini