KUALA LUMPUR: The High Court here today heard that the 1Malaysia Development Berhad (1MDB) intended to use the proceeds from its Initial Public Offering (IPO) to pay off its existing bank loans and debts.
Former chief executive officer of 1MDB, Mohd Hazem Abd Rahman, 49, agreed to a suggestion by Datuk Seri Najib Tun Razak's lawyer, Tania Scivetti that 1MDB acquired two energy assets in order to enhance its interest in the energy sector and ultimately to be listed on the Malaysian stock exchange.
The two energy companies in question are Tanjong Energy Holdings Sdn Bhd and Mastika Lagenda Sdn Bhd.
The 10th prosecution witness was testifying during cross-examination by Scivetti at the former premier's trial involving misappropriation of RM2.3 billion from 1MDB funds.
Referring to the Public Accounts Committee (PAC) report on Governance Management Control of 1MDB, Scivetti questioned the witness whether he really said the proceeds from the IPO would be used to pay the 1MBD bank loans and fully repay the group's debts, to which he agreed.
Scivetti: Do you agree that the idea of launching the IPO would be in the interest of 1MDB considering the raising of funds would help settle the existing loans and bring cash flow to 1MDB?
Mohd Hazem: Yes.
The witness also answered in the affirmative to a question that the long-term rationale for the acquisition of Tanjong Energy and Mastika Lagenda was ultimately to package these two energy assets into one company and then for IPO on the stock exchange.
He also said "yes" when asked whether 1MDB Energy Holdings Ltd was the company earmarked for the IPO.
Scivetti: Would you agree considering the financial liability that 1MBD was facing in 2014, you said during the 1MDB board of directors meeting on March 26, 2014, that the listing (IPO) would have generated RM15 to 25 billion in revenue?
Mohd Hazem: I am not sure about the numbers.
The witness also agreed to a suggestion by Scivetti that 1MDB being listed on the stock market would be a good expansion for the company.
Najib is facing four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.
The trial before Justice Collin Lawrence Sequerah continues on Monday.
-- BERNAMA
Bernama
Thu May 27 2021
Mohd Hazem Abd Rahman, 49, agreed to a suggestion by Najib's lawyer, Tania Scivetti that 1MDB acquired two energy assets in order to enhance its interest in the energy sector and ultimately to be listed on the Malaysian stock exchange. -- BERNAMApic
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.
Thai court rejects petition over ex-PM Thaksin's political influence
Thailand's Constitutional Court rejects a petition seeking to stop Thaksin Shinawatra from interfering in the running the Pheu Thai party.
Abidin takes oath of office as Sungai Bakap assemblyman
The State Assemblyman for Sungai Bakap, Abidin Ismail, was sworn in today at the State Assembly building, Lebuh Light.
UPNM cadet officer charged with injuring junior, stomping on him with spike boots
A cadet officer at UPNM pleaded not guilty to a charge of injuring his junior by stomping on the victim's stomach with spike boots.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies' market value.
Elon Musk blasts Australia's planned ban on social media for children
Several countries have already vowed to curb social media use by children through legislation, but Australia's policy could become one of the most stringent.
Trump picks Pam Bondi for US Attorney General after Gaetz withdraws
Bondi was the top law enforcement officer of the country's third most populous state from 2011 to 2019, and served on Trump's Opioid and Drug Abuse Commission during his first administration.
Ringgit extends uptrend against greenback in early trade
At 8 am, the local currency climbed to 4.4600/4700 against the greenback.
Lebanon's only burn unit treats toddlers after Israeli strikes
The hospital hallways echo with the screams of children as anxious parents await news from doctors.
AI revolutionising sports to develop world-class athletes
Can a young Orang Asli child from Gua Musang, Kelantan be turned into an Olympic champion in 2036?
Selangor records 1,354 out-of-wedlock teen pregnancies from 2023 to Sept 2024
Anfaal Saari emphasises the seriousness of the issue, especially involving children and teenagers under 18 years old.