Jho Low's proxy appointed as authorised signatory in 1MDB subsidiary
Jho Low was appointed as one of the signatories in 1Malaysia Development Berhad Global Investment Limited (1MDB GIL) despite not holding any position in the subsidiary company of 1MDB, the High Court was told today.
KUALA LUMPUR:The High Court today was told that a proxy of fugitive businessman Low Taek Jho or Jho Low was appointed as one of the signatories in 1Malaysia Development Berhad Global Investment Limited (1MDB GIL) despite not holding any position in the subsidiary company of 1MDB.
Former 1MDB chief executive officer (CEO), Mohd Hazem Abdul Rahman, 47, said apart from him, another 1MDB officer, Azmi Tahir too was appointed as an authorised signatory in 1MDB GIL but both of them held the position of director of the company.
The 10th prosecution witness confirmed that former 1MDB executive director and an associate of Jho Low, Terence Geh was also appointed as authorised signatory of 1MDB GIL.
Mohd Hazem was being cross-examined by lawyer Wan Aizuddin Wan Mohammed in the former premier’s case involving misappropriation of RM2.3 billion from 1MDB funds.
Wan Aizuddin: Can you remind us again what was the reason Geh being appointed signatory despite not being a director of the company?
Mohd Hazem: I don't know the reason.
Wan Aizuddin: You would agree as a member of the management, the authorised signatory would give him dominion over the assets of the (1MDB GIL) company?
Mohd Hazem: Yes.
Wan Aizuddin: Shouldn’t the board of directors (BOD) be briefed first on his appointment (as signatory)?
Mohd Hazem: I am not sure if the BOD should approve first in 1MDB GIL.
Mohd Hazem also agreed to a suggestion by the lawyer that in normal business practice, it is appropriate to brief the BOD first before making any major financial decision.
It was previously reported that 1MDB GIL, a company established in the British Virgin Islands on March 8, 2013 was a special purpose vehicle (SPV) set up to issue a US$3 billion bond for a joint venture between 1MDB and Abu Dhabi-Malaysia Investment Company (ADMIC).
Najib, 67, 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 tomorrow.
-- BERNAMA
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