Shahrol's last day on witness dock?

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KUALA LUMPUR (Sept 3): After about a year of testifying against former prime minister Datuk Seri Najib Razak, today might be the last day for former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi to be on the witness dock.

Shahrol has been testifying as the ninth prosecution witness in the 1MDB-Tanore trial since Sept 23 last year. He started his testimony by reading out his 270-page witness statement which took about six days to complete.

Defence counsel Wan Aizuddin Wan Mohammed yesterday concluded his cross-examination on Shahrol. Lead defence counsel Tan Sri Muhammad Shafee Abdullah also indicated that he may need another four hours to wrap-up the defence's cross-examination on Shahrol today, covering from the beginning till the end of Shahrol's witness statement.

Following that, Shahrol will be up for re-examination by the prosecution.

Yesterday, the High Court had heard of a second bogus company which was set up to embezzle money from 1MDB. A sum of US$699.32 million was embezzled from 1MDB Energy Holdings Ltd in 2014 and transferred to a second fake Aabar firm that was incorporated in the Seychelles.

The money was allegedly part of the US$975 million loan that 1MDB Energy obtained from Deutsche Bank that year.

The loan sum was initially intended to be paid to the real Aabar for the options that were given as alleged part consideration for the guarantee for the notes that raised US$3.5 billion, forming part of the funds raised in 2012 for a joint venture exercise.

Previously, it was revealed that master conspirator Jho Low had incorporated Aabar Investments PJS Ltd in the British Virgin Islands to mirror the subsidiary of International Petroleum International Co (IPIC). The real subsidiary of IPIC is Aabar Investments PJS, without "Ltd".

In the 1MDB-Tanore trial, Najib is facing four counts of abuse of power for using his position as prime minister, finance minister and 1MDB board of advisers’ chairman to receive gratification worth RM2.28 billion.

Najib also faces 21 counts of money laundering involving over RM4.3 billion.

The trial before Justice Collin Lawrence Sequerah continues today at 9.30am.

Edited by Surin Murugiah

The Edge is covering the trial live here.

Users of The Edge Markets app may tap here to access the live report.