Friday 29 Mar 2024
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KUALA LUMPUR (May 17): The 1Malaysia Development Bhd (1MDB)-Tanore trial involving former prime minister Datuk Seri Najib Razak resumed in the High Court here today as defence lawyer Wan Aizuddin Wan Mohammed cross-examined former 1MDB chief executive officer (CEO) Mohd Hazem Abdul Rahman (pictured).

Wan Aizuddin asked Mohd Hazem about the agreement between 1MDB and Aabar Investments.

He asked: "Would you (Mohd Hazem) agree that Goldman Sachs was acting as the financial adviser to 1MDB [in the joint-venture agreement between 1MDB and Aabar]?"

Hazem replied: "It seems that way, but I am not sure that they (Goldman Sachs) had any official mandate from 1MDB.”

The cross-examination today was done before Justice Collin Lawrence Sequerah.

Former Federal Court judge Datuk Seri Gopal Sri Ram is the lead prosecutor in the case.

During the cross-examination, Mohd Hazem agreed that Goldman Sachs was involved from the very beginning of 1MDB’s relationship with Aabar. 

Mohd Hazem said Goldman Sachs “acted as if they were the financial adviser” to 1MDB.

According to news reports on Sept 20, 2018 about the 1MDB-Tanore trial, Najib on that day pleaded not guilty to 25 charges linked to abuse of power and money laundering over hundreds of millions of dollars of funds received in his personal bank accounts.

It was reported that the charges included four counts of abuse of power involving RM2.28 billion in 1MDB funds.

News reports indicated that prosecutors also charged Najib with 21 counts of money laundering. The list included nine counts of receiving illegal proceeds, five counts of using illegal proceeds and seven counts of transferring the proceeds to other entities.

"Prosecutors, describing the abuse of power charges, said Najib used his position as the prime minister, finance minister and chairman of 1MDB to obtain funds totalling about RM2.3 billion between 2011 and 2014.

"The money laundering charges describe how Najib received RM2.1 billion from Tanore Finance Corp, which US authorities said was used to siphon money from 1MDB," CNA reported on Sept 20, 2018.

As such, Najib’s trial has been referred to as the 1MDB-Tanore trial, which is being heard before Justice Sequerah until today.

The Edge is covering the trial live here.

Users of the mobile app may tap here to access our live coverage.

Edited ByChong Jin Hun
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