Friday 29 Mar 2024
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KUALA LUMPUR (Oct 9): Former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi (pictured), the prosection's ninth witness, will continue to be cross-examined by lead defence counsel Tan Sri Muhammad Shafee Abdullah for the third day today.  

One of the most significant revelations during proceedings yesterday was the fact that Thailand-based Country Group Securities Pcl, which was involved in the flipping of the RM5 billion Islamic medium term notes (IMTN), is linked to Tan Sri Larry Low Hock Peng, father of fugitive financier Low Taek Jho aka Jho Low.

Shahrol, who served as 1MDB’s CEO from 2009 to 2013, claimed that he was unaware of the secondary subscription of the fund's RM5 billion Islamic medium term notes (IMTN) in 2009 by Country Group and Aktis Capital Singapore Pte Ltd, which is owned by Jho Low.
 
From this deal, Shafee revealed that Jho Low and his associates made approximately RM494.62 million -- Country Group made RM420 million, while Aktis made RM74.62 million -- by flipping the bonds right under the nose of 1MDB, which at the time was known as the Terengganu Investment Authority (TIA).

Shafee further alleged that AmBank has conspired with Jho Low on the transaction behind TIA's back. 

So far the government has recovered RM48.9 million from Larry, who is currently in hiding, like his son, as he did not show up to court to stake a claim on the assets in July this year.

Today, Shafee is expected to produce the relevant documents to support these allegations. 

For the 1MDB-Tanore trial, former prime minister Datuk Seri Najib Razak faces four charges for using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving RM4.3 billion.

The Edge is bringing the proceedings live.

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