NAJIB 1MDB TRIAL - Day 29: 1MDB board decides on how to dispose of shares in JV company - Shahrol
The criminal trial of former prime minister Najib Abdul Razak involving the alleged abuse of power and money laundering of 1MDB funds enters its 29th day today at the High Court in Kuala Lumpur.
Malaysiakini brings you live reports of the proceedings.
KEY HIGHLIGHTS
- 1MDB board decides on how to dispose of shares in JV company - Shahrol
- Prosecution seeks sanction on Najib for attending Tg Piai nomination day
- Najib enters the dock
1MDB raised funds for KLIFD project but most went to PSI
12.10pm - The court hears from a former 1MDB CEO that the company had in mid-2010 planned to venture into development projects in the Kuala Lumpur International Finance District (KLIFD), now known as the Tun Razak Xchange or TRX, and the piece of land where the old Sungai Besi military airport was located.
According to Shahrol Azral Ibrahim Halmi, the plan was to raise RM5 billion and RM10 billion through loans for the KLIFD and Sungai Besi projects, respectively.
He says that 1MDB, however, only raised some RM1 billion for the KLIFD project while the RM10 billion for the airport land development was never raised.
However, according to him, only some of the funds raised for KLIFD went to the project.
Shafee: Were the RM5 billion and RM10 billion in funds raised by 1MDB?
Shahrol: For the RM5 billion, yes. The RM10 billion, no.
Shafee: To finance what?
Shahrol: To finance these two projects, Sungai Besi (airport land development) and TRX.
Shafee: Was the RM5 billion ever used for the project (TRX)?
Shahrol: Only a very tiny proportion was used for TRX if I recall correctly, although I would have to look at financial records
Mostly (the money went) to PSI for additional tranches for the Murabahah agreement we spoke earlier.
Shafee: This is another familiar scenario, namely that the board was told the KLIFD project and Sungai Besi project would require RM5 billion and RM10 billion. You managed to raise RM5 billion first
Shahrol: We eventually (only) borrowed RM500 million plus about RM700 million. I don't think that comes up to RM5 billion.
1MDB board decides on how to dispose of shares in JV company - Shahrol
10.40am - The court hears that Najib Abdul Razak as the then finance minister and 1MDB special shareholder had in 2010 approved for the sovereign wealth fund to dispose of its US$1 billion shares in the 1MDB-PetroSaudi Holdings (Cayman) Ltd joint-venture company.
Former 1MDB CEO Shahrol Azral Ibrahim Halmi says the method of the disposal of the shares, however, was decided by 1MDB board of directors.
He testifies that the board was not required to get permission from Najib on the method of shares disposal as he had already given approval for it to be disposed of.
For the record, 1MDB board of directors had in March 2010 approved to dispose of the US$1 billion shares in terms of indebtedness by the joint-venture company to 1MDB in Murabahah (a form of Islamic financing) notes worth US$1.2 billion.
This means that instead of receiving cash for disposing of its shares, 1MDB received a document which said that the 1MDB-PetroSaudi (Cayman) Ltd JV company owes it US$1.2 billion.
Editor's note: The defence informed the court of their objections against Malaysiakini's interpretation of the judge's ruling, to which the judge clarified that he was speaking in general terms and did not refer to the Tanjung Piai by-election.
Prosecution seeks sanction on Najib for attending Tg Piai nomination process
10.10am - The Kuala Lumpur High Court warns that it will not tolerate any attempt to mislead it following ex-prime minister Najib Abdul Razak's attendance of the Tanjung Piai by-election nomination day despite getting a one-day MC from attending the trial.
Judge Collin Lawrence Sequerah (photo) issues the stern reminder following an application by lead DPP Gopal Sri Ram for the court for sanction be imposed on the accused.
It was reported on Thursday last week that proceedings had to be adjourned due to Najib obtaining a one-day MC for eye allergy which purportedly made his eyes swell with irritation and pain.
However, it was also reported on Friday that Najib was seen going to Johor for the by-election nomination day.
"This court will not tolerate any attempt to mislead it. Should the need arise, the court will not hesitate to punish with contempt.
"But after listening to both parties, the court does not see the situation to impose sanctions," Sequerah says after listening to submission from both parties.
Earlier during submission, Sri Ram points out that the prosecution has instructions from Attorney-General Tommy Thomas to seek for the court to impose sanction on Najib via way of restricting him within the Federal Territory and to report to the police station closest to his house every Saturday from 9am.
Sri Ram says that the AG seeks this as it was "miraculous" that the eye problem disappeared a short while after Thursday and that Najib was able to go to Johor.
He says that a public outcry occurred, and the public prosecutor received a number of complaints and a police report was even lodged by someone over the issue.
"We submit the accused is using his MC as abuse to obtain adjournment and prolong the trial. There must be sanction on this utter contempt for court proceedings," Sri Ram submits.
Najib's lead defence counsel Muhammad Shafee Abdullah counters that the AG did not do proper research and merely issued the directive to the prosecution team while he (Thomas) was overseas.
Shafee argues that the MC was only for a day and that Najib was able to go to Johor as the irritation had disappeared, but the swelling was still there.
He also challenged the person who lodged the police report to be brave enough to come before this court and lodge the complaint.
"He is obviously hiding behind someone's skirt and made an erroneous complaint and trying to prejudice my client," Shafee submits.
Najib enters the dock
9.44am - Najib enters the dock as proceedings begin.
9.28am - The accused, former prime minister Najib Abdul Razak enters the High Court and takes a seat at the front row of the public gallery to await proceedings to begin.
Following Najib Abdul Razak's no-show last week due to an eye allergy, the former prime minister is expected to be able to attend the 29th day of his RM2.28 billion 1MDB trial today.
Back on Thursday, the hearing was unable to proceed due to the accused having a one-day medical certificate (MC) for eye allergy affecting both of his eyes.
As proceedings resume before Kuala Lumpur High Court judge Collin Lawrence Sequerah around 9.30am this morning, Najib's lead defence counsel Muhammad Shafee Abdullah will resume cross-examination of former 1MDB CEO, Shahrol Azral Ibrahim Halmi.
Today's hearing will be the only one this week that would roughly last from 9.30am to 4.30pm/5pm.
On Thursday last week, the court allowed the prosecution's application for the trial on Tuesday to Thursday this week to have extended sessions, lasting from 9.30am to 6pm.
Sequerah had also allowed for proceedings from Monday to Thursday next week to have similar extended sessions from 9.30am to 6pm. - Mkini
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