KUALA LUMPUR: A witness in 1Malaysia Development Berhad (1MDB) trial told the High Court today he did not resign from the company because he had confidence in former prime minister Datuk Seri Najib Tun Razak's leadership in 1MDB due to the sovereign wealth fund dealings with the Saudis.
Former non-executive director of 1MDB Tan Sri Ismee Ismail, 58, who was also the Tabung Haji (TH) chief executive officer (CEO) from 2006 to 2016 said he thought the joint ventures between the company and the Saudis would have been beneficial.
This was despite 1MDB's management non-compliance involving a joint venture (JV) between the company and Saudi-based oil and gas production company, PetroSaudi International Ltd (PSI) in September 2009 which had angered former 1MDB chairman Tan Sri Mohd Bakke Salleh.
He told the court this during re-examination by lead prosecutor Datuk Seri Gopal Sri Ram, who had referred the witness to the minutes of a Sept 26, 2009 meeting in which the board of directors had given some stipulations on the JV but the management had not followed through.
Mohd Bakke resigned shortly after that on Oct 19, 2009.
Ismee added during his early days when he joined 1MDB in 2009, he thought it would be a good initiative for the company because in his capacity as Tabung Haji CEO, it would further enhance the relationship between the company with the Saudis.
"That time I had a quite high-level degree of trust in the leadership, in the PM (Najib) himself, trust and loyalty, so I suppose that's why I didn't do "the Bakke", said Ismee.
The 13th prosecution witness was referring to Mohd Bakke leaving the company in 2009.
Meanwhile, another witness, former 1MDB chief financial officer Azmi Tahir disagreed with the suggestion of counsel Datuk Hariharan Tara Singh that his loyalty was not to the sovereign wealth fund nor to its subsidiaries but to the fugitive businessman Low Taek Jho or Jho Low.
The 12th prosecution witness was questioned on the US$1.58 billion which was transferred out from 1MDB Global Investments Ltd (1MDB GIL) as it was instructed by Jho Low.
Hariharan: Would you agree with me that, the loyalty should be on 1MDB, 1MDB GIL not (an) outsider (Jho Low)?
Azmi: I believe he (Jho Low) was representing the shareholder (Najib).
The court heard that the US$1.58 billion was used for unspecified "foreign investments".
Najib, 68, 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 judge Datuk Collin Lawrence Sequerah continues on April 18.
-- BERNAMA
Bernama
Thu Apr 07 2022
Ismee who was also the Tabung Haji CEO from 2006 to 2016 said he thought the joint ventures between the company and the Saudis would have been beneficial. - Astro AWANI/SHAHIR OMAR
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
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.