KUALA LUMPUR: The High Court today was told that the management of 1Malaysia Development Berhad (1MDB) had conned former prime minister Datuk Seri Najib Tun Razak and the company's board of directors (BOD) into entering an investment agreement with its purported business partner PetroSaudi International Limited (PSI).
Former non-executive director of 1MDB Tan Sri Ismee Ismail, 58, who agreed with Najib's lead counsel Tan Sri Muhammad Shafee Abdullah's suggestion, also admitted that several members of the management had misled Najib and the BOD by crafting detailed proposals to enter into the investment agreement.
The lawyer then suggested that the said proposals were crafted by 1MDB's former general counsel Jasmine Loo Ai Swan, former chief financial officer Azmi Tahir and Casey Tang Keng Chee (former executive director) and Datuk Shahrol Azral Ibrahim Halmi (former chief executive officer).
Muhammad Shafee: This is a 100 per cent con job. All the proposals were crafted by the 1MDB management. It was detailed crafting by the management. Ismee replied "yes".
The senior counsel was referring to the deal where 1MDB agreed to convert its 40 per cent stake in the joint venture company 1MDB-PetroSaudi International Limited that it had bought at US$1 billion, into an Islamic loan to the same joint venture company.
The deal saw 1MDB agreeing to sell off the 40 per cent share to the joint venture company, by giving, on paper, the Islamic loan via Murabahah notes to the joint venture company at a value of US$1.2 billion.
With the conversion to the Murabahah notes, the joint venture company would on paper owe US$1.2 billion to 1MDB, effectively giving 1MDB a paper profit of US$200 million after accounting for the initial US$1 billion.
Explaining further on the conversion to the Murabahah notes, Muhammad Shafee told the court that the 1MDB management did a 'magic show', whereby the sovereign wealth fund would get the US$1.2 billion on paper, but not the actual cash.
Muhammad Shafee: From Shahrol Azral's testimony, we got to know that he was being directed by fugitive businessman Low Taek Jho, better known as Jho Low, purportedly it was from Najib to do this (proposals). This was a very detailed nitty-gritty of paperwork convincing enough for the BOD. Do you agree with me? Ismee replied "yes".
Muhammad Shafee: In your wildest imagination, do you think Najib, the then PM would be involved in directing on how to con 1MDB? Can you imagine? Ismee answered "I don't think any PM would have time for that".
Previously, it was reported that 1MDB's US$1 billion was placed in the joint venture and it was paid out in two batches of US$700 million and US$300 million.
The US$300 million was channelled to the joint venture company while the US$700 million was paid to Good Star Limited, a company owned by fugitive businessman Jho Low.
Muhammad Shafee: Shahrol Azral was the culprit behind this as he was working hand-in-hand with Jho Low and he misled the entire BOD. This is why 1MDB is suffering today. Ismee replied in the affirmative.
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 tomorrow.
-- BERNAMA
Bernama
Wed Mar 23 2022
![1MDB management had conned Najib over investment agreement - Witness 1MDB management had conned Najib over investment agreement - Witness](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-03/71648041731_najib.jpg)
The High Court today was told that the management of 1MDB had conned Najib Razak and the company's board of directors (BOD) into entering an investment agreement with its purported business partner, PSI. - BERNAMA
![Ekonomi China teruskan momentum pemulihan Ekonomi China teruskan momentum pemulihan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-01/71674060668_ChinaPopulation.jpg)
Ekonomi China teruskan momentum pemulihan
Ekonomi China meneruskan momentum pemulihan dan trend perkembangan ke arah baik dengan operasinya kekal stabil secara keseluruhannya pada separuh pertama tahun ini.
![PPZ-MAIWP catat RM511 juta kutipan zakat tahun ini, naik 10 peratus PPZ-MAIWP catat RM511 juta kutipan zakat tahun ini, naik 10 peratus](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-04/61714481430_TBNAIM.jpg)
PPZ-MAIWP catat RM511 juta kutipan zakat tahun ini, naik 10 peratus
PPZ-MAIWP mencatat kutipan zakat sebanyak RM511 juta dari Januari hingga Jun tahun ini dengan peningkatan sebanyak 10 peratus berbanding tempoh sama pada 2023.
![Empat terbunuh, puluhan cedera dalam protes antikuota di Bangladesh Empat terbunuh, puluhan cedera dalam protes antikuota di Bangladesh](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/71721144143_TBBANGLADESHCAMPUS.jpg)
Empat terbunuh, puluhan cedera dalam protes antikuota di Bangladesh
Abu Sayeed, seorang daripada penyelaras dan pelajar di Universiti Begum Rokeya di Rangpur utara, terbunuh semasa pertempuran dengan polis.
![28 orang termasuk 5 orang awam, 10 askar, terbunuh dalam tempoh 24 jam di Pakistan 28 orang termasuk 5 orang awam, 10 askar, terbunuh dalam tempoh 24 jam di Pakistan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/51721144906_TBMAPBANNU.jpg)
28 orang termasuk 5 orang awam, 10 askar, terbunuh dalam tempoh 24 jam di Pakistan
Tentera menuding jari kepada kumpulan Hafiz Gul Bahadur dari Tehreek-e-Taliban Pakistan (TTP) yang diharamkan.
![Misi ekonomi produk agrikomoditi ke India perkukuh hubungan dua hala Misi ekonomi produk agrikomoditi ke India perkukuh hubungan dua hala](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/61721130378_JohariAbdulGhani.jpg)
Misi ekonomi produk agrikomoditi ke India perkukuh hubungan dua hala
KPK akan mengadakan Misi Ekonomi Produk Agrikomoditi Malaysia ke India pada 17-18 Julai ini.
![Golongan belia pemacu penting bentuk masa depan industri pembuatan Malaysia - FMM Golongan belia pemacu penting bentuk masa depan industri pembuatan Malaysia - FMM](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-05/41715247870_SohThianLaijpg.jpg)
Golongan belia pemacu penting bentuk masa depan industri pembuatan Malaysia - FMM
Pemimpin perniagaan dan usahawan daripada golongan belia merupakan pemacu penting yang akan membentuk masa depan industri pembuatan Malaysia, kata Presiden Persekutuan Pekilang-Pekilang Malaysia.
AWANI Tonight: 16 July 2024
#AWANITonight with @Hafiz_Marzukhi
1. Govt mulls amending Penal Code to deal with cyberbullying
2. England's Southgate resigns after Euro 2024 Final defeat
#AWANIEnglish #AWANINews
1. Govt mulls amending Penal Code to deal with cyberbullying
2. England's Southgate resigns after Euro 2024 Final defeat
#AWANIEnglish #AWANINews
![9,241 pelajar Palestin terbunuh dalam serangan Israel sejak 7 Oktober 9,241 pelajar Palestin terbunuh dalam serangan Israel sejak 7 Oktober](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-06/81718630490_Smokerises.jpg)
9,241 pelajar Palestin terbunuh dalam serangan Israel sejak 7 Oktober
9,318 pelajar terbunuh dan 14,671 lagi cedera di Semenanjung Gaza manakala di Tebing Barat, 103 pelajar terbunuh dan 505 lagi cedera.
![Penumpang Singapore Airlines meningkat hampir 14 peratus pada Jun Penumpang Singapore Airlines meningkat hampir 14 peratus pada Jun](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/61721142800_AirbusA.jpg)
Penumpang Singapore Airlines meningkat hampir 14 peratus pada Jun
Rangkaian penumpang Kumpulan SIA meliputi 125 destinasi setakat Jun dan rangkaian kargo terdiri daripada 129 destinasi.
![Empat individu termasuk pasangan pempengaruh bebas tahanan reman Empat individu termasuk pasangan pempengaruh bebas tahanan reman](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-05/41716613114_TBsprm.jpg)
Empat individu termasuk pasangan pempengaruh bebas tahanan reman
Kesemua individu juga perlu hadir ke pejabat Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) sebulan sekali untuk melaporkan diri.