KUALA LUMPUR: The defence in Datuk Seri Najib Tun Razak's 1Malaysia Development (1MDB) trial today contended that fugitive businessman, Low Taek Jho or Jho Low had misappropriated funds belonging to the strategic investment company through the profit from the issuance of RM5 billion Islamic Medium Term Notes (IMTN) without Najib's knowledge.
Najib's counsel Tan Sri Muhammad Shafee Abdullah also contended at the High Court today that Najib did not receive money originating from the bond issued in 2009 by 1MDB predecessor, Terengganu Investment Authority (TIA) because the former premier's bank account in AmBank was only opened on January 13, 2011.
Former 1MDB non-executive director Tan Sri Ismee Ismail, who is the 13th prosecution witness agreed to the lawyer's contention that no proceeds from the IMTN bond flipped by Jho Low ever went to Najib's personal account.
Muhammad Shafee, while referring to an article from an online blog Malaysia Today, told the court that Jho Low had received money misappropriated from the issuance of bond, which were transferred into two companies related to him (Jho Low), Country Group Securities PCL and Aktis Capital Singapore Pte Ltd totaling RM74 million in 2009.
"The two companies made an easy profit when they subscribed to 1MDB bonds at a discount before reselling them at face value (or value on paper) in 2009 to Employees Provident Fund (EPF) and an insurance company, Prudential.
"We wish to establish that none of the IMTN profit went into Najib's account. The monies in Najib's account was only because of the arrangement of the Arab donation. My client was under the impression it was a donation from the Saudi Ministry of Finance.
"Najib's Ambank account (which allegedly received billions of ringgit in 1MDB funds) was opened in 2011, so it had nothing to do with IMTN," said Muhammad Shafee.
The senior lawyer then questioned the witness whether he is familiar with the term 'working in silo', which has been repeated by three 1MDB top management when they were called to the witness stand, former 1MDB chief executive officers Datuk Shahrol Azral Ibrahim Halmi and Mohd Hazem Abd Rahman as well as its chief financial officer Azmi Tahir.
The witness said 'Yes'.
Muhammad Shafee: Is it a good practice in corporate field?
Ismee: No.
Muhammad Shafee: Do you agree with me it is anathema, which is so opposite to good governance.
Ismee: Yes.
Muhammad Shafee: And that is something completely discouraged because secrecy breeds corruption, breeds fraudulent behaviour in any corporation. Working in silo, therefore, is the breeding ground for a corporation to be corrupted, to be full of fraudulent transactions such as what happened in 1MDB. Do you agree with me?
Ismee: That explains why we failed.
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 Justice Datuk Collin Lawrence Sequerah continues tomorrow.
-- BERNAMA
Bernama
Mon Mar 21 2022
Shafee Abdullah contended at the High Court today that Najib did not receive money originating from the bond issued in 2009 by 1MDB predecessor, TIA, because the former premier's bank account in AmBank was only opened on January 13, 2011. - AWANI
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.