Najib denies claim that 1MDB ventures were for UMNO's benefit

Najib said he strongly disagreed with the assertion made by former 1MDB chief executive officer (CEO) Mohd Hazem Abdul Rahman that fugitive businessman Low Taek Jho (also known as Jho Low) was the one who would "arrange and manipulate" all 1MDB investments, joint ventures and fundraising activities abroad.

In his testimony on Sept 14, 2020, Mohd Hazem, who was the 10th prosecution witness in Najib's trial also said that Jho Low himself explicitly stated to him that the funds associated with the sovereign wealth fund were meant for Najib and UMNO.

The former prime minister said the approvals given to 1MDB were pursuant to the proposals which were made after a thorough deliberation at the board level on proposals brought to them by legitimate entities such as Aabar Investments PJS and IPIC upon the advice of advisors of such calibre as Goldman Sachs, Lazard, BSI Bank and the Baker & McKenzie group.

"The problem with 1MDB is the systemic failure in the execution of the decisions at the management level which started from its time under the management of its former CEO Datuk Shahrol Azral Ibrahim Halmi up until Mohd Hazem.

"I recall his (Mohd Hazem) testimony in court where he admitted to being placed in the management to carry out Jho Low's instruction, he even admitted specifically that in regards to the US$3 billion raised for 1MDB Global Investment Limited, he was placed there as a director just to sign every document placed before him upon the instruction of Jho Low, and his proxies Jasmine Loo (former 1MDB general counsel) and Terrence Geh (former 1MDB deputy chief financial officer)," said Najib.

The former Pekan MP is reading his witness statement on the eighth day of taking the stand at the High Court to defend himself against four charges of using his position to obtain RM2.3 billion in bribes from 1MDB funds, along with 21 charges of money laundering involving the same amount.

Najib said he finds it incredible that the assertion made by Mohd Hazem could be accorded any credibility at all since he has made the admission that he had to follow the instructions of Jho Low and his proxies.

"Particularly, when he admitted to acting out of defiance of the Joint Venture Agreement and for months kept the remittances of the same funds into the unsanctioned three fiduciary funds from the knowledge of the 1MDB Board of Directors and misled to believe that funds were safely deposited with UBS Bank.

"I suspect this assertion was only concocted later to salvage any credibility left in Mohd Hazem, given his admissions to forgery, multiple acts of criminal breach of trust, and breach of fiduciary duties as a director," said Najib.

Najib also rubbished the claim made by Mohd Hazem that he was acting on the instructions of Najib's former principal private secretary, the late Datuk Azlin Alias.

"I think that assertion is most despicable and is a ploy to downplay his complicity and participation in Jho Low’s scheme.

"At any rate, Azlin is no longer with us to defend himself but that does not detract from the fact that he (Mohd Hazem) still owes a duty to the company and his actions made him an accomplice to Jho Low," he said.

On Oct 30, Justice Datuk Collin Lawrence Sequerah ordered Najib to enter his defence on all 25 charges, ruling that the prosecution had successfully established a prima facie case against him at the end of its case.

-- BERNAMA