KUALA LUMPUR – The high court here was told today that the US$1.75 billion (about RM8.21 billion) bond issued for the acquisition of independent energy producer (IPP) Tanjong Energy Holdings Sdn Bhd (TEHSB) was known to the Ministry of Finance Incorporated (MOF Inc).
Former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai Swan, when questioned by defense counsel Tan Sri Muhammad Shafee Abdullah during the cross-examination, concurred with the defense’s assertion that the acquisition of TEHSB was not concealed from the government.
She said it fell within the purview of the Economic Planning Department (EPU) under the Prime Minister’s Department.
Loo said this while testifying as the 50th prosecution witness in Datuk Seri Najib Razak’s trial over the misappropriation of RM2.2 billion of 1MDB funds.
She also concurred that the bonds issued through a joint venture between 1MDB and the investment firm International Petroleum Investment Company (IPIC) were familiar to MOF Inc, where Najib served as finance minister at the time.
Furthermore, Loo consistently stressed that the takeover instructions were presented and approved by Najib before being brought to the attention of the 1MDB Board of Directors.
Based on the records, the proposed acquisition and bond issuance originated from Goldman Sachs, which was appointed as 1MDB’s advisor on February 7, 2012, a day before being briefed and approved in the 1MDB Board meeting on February 8, 2012.
Shafee then asked the witness if Najib, at that time, had any role in 1MDB and was fully briefed, but Loo replied, “I don’t remember.”
Jasmine, who had been wanted by the police for five years, surrendered on July 7 last year and is now the last witness in the criminal case involving the embezzlement of 1MDB funds
The trial before Judge Datuk Collin Lawrence Sequerah continues tomorrow.
Najib is facing 25 charges related to the alleged misappropriation of over RM2.28 billion of 1MDB funds, which purportedly entered his private bank accounts at AmBank.
However, Najib has claimed that the funds were political donations to him from Saudi Arabia’s royalty. – April 3, 2024