Jho Low given mandate to pass Najib’s instructions on to 1MDB – Witness

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KUALA LUMPUR: Former chief executive officer of 1Malaysia Development Berhad (1MDB) revealed in the High Court yesterday that the fugitive businessman Low Taek Jho or Jho Low was given the mandate to pass Datuk Seri Najib Tun Razak’s instructions on to the 1MDB management.

Datuk Shahrol Azral Ibrahim Halmi, 49, said based on his experience with Jho Low, he was confident that the investments from Abu Dhabi and Aabar Investment PJS Ltd (Aabar) had already been agreed by Najib as 1MDB shareholder.

He said Jho Low also stressed that all those matters were in Najib’s knowledge and that it could be proven by all the formal endorsements signed by the former prime minister.

“All actions were consistent and convincing to me. Even when Jho Low had no official power in the 1MDB, I know he had, from the very beginning, the mandate to pass Datuk Seri Najib’s instructions on to me and the entire 1MDB management.

“For investment relating to the TRX (Tun Razak Exchange), it was indeed done very quickly, just like the joint-venture projects with PetroSaudi International (PSI) and independent power providers.

“All instructions came with pre-prepared documents, action plan and also talking points. Everything happened through a top-down approach, meaning that all the instructions came from the top through Jho Low and then legalised through a Board of Directors (BOD) meeting or Director Circular Resolution (DCR),” he said at the trial of Najib’s 1MDB case.

The 9th prosecution witness said based on Article 117 in the 1MDB’s Memorandum and Articles of Association (M&A), all major and strategic decisions of the company must have the approval of Prime Minister as the Head of the Government and Shareholder of 1MDB (MOF Inc).

Hence, he said if Najib did not approve the decision made by the BOD, it cannot proceed.

“This includes the decision on the joint-venture between 1MDB and Aabar,” he said.

Earlier, Shahrol Azral said the investment in 1MDB GIL (1MDB Global Investment Limited) began in June 2012, and Tim Leissner from Goldman Sachs, when tabling the proposal on the joint-venture with Aabar, had proposed the property investment projects, namely the KLFID (Kuala Lumpur International Financial District (now known as TRX) and Bandar Malaysia.

He said the projects were proposed to be developed under 1MDB Real Estate Sdn Bhd and that it was the turning point in the proposal for the 1MDB-Aabar joint venture.

The witness said as early as April 9, 2012, Aabar had sent a letter to 1MDB relating to the proposal to jointly developed Parcel A.1.0 in the KLIFD.

Najib, 66, is facing four charges of abusing his position to obtain gratification amounting to RM2.3 billion of 1MDB funds, and 21 money laundering charges involving the same amount.

The Pekan MP is alleged to have committed the first four offences at the Jalan Raja Chulan branch of AmIslamic Bank Berhad between Feb 24, 2011, and Dec 19, 2014, while the money laundering was committed between March 22 and Aug 30, 2013, at the same location.

Hearing before judge Collin Lawrence Sequerah continues today. – Bernama