The High Court was told today that fugitive businessman Low Taek Jho or Jho Low had deliberately used a naming convention for offshore shell companies built by him to resemble well-established companies in his conspiracy to siphon millions of dollars from 1Malaysia Development Berhad (1MDB).
This was suggested by counsel Wan Aizuddin Wan Mohammed, who was representing Datuk Seri Najib Tun Razak, when cross-examining former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi at the former prime minister’s 1MDB trial.
The witness agreed with the lawyer’s suggestion that it was Jho Low’s habit of masking the names of companies but he could not comment on Jho Low’s motivation behind that.
The issue of company names came about when the witness was asked by Wan Aizuddin whether he was familiar with a private company called Abu Dhabi Media Investment Corporation (ADMIC), which bore the same acronym as Jho Low’s Abu Dhabi Malaysian Investment Company Ltd (ADMIC Ltd).
ADMIC is a private investment company owned by Sheikh Mansour bin Zayed Al-Nahyan and British Sky Broadcasting, while the Jho Low-initiated ADMIC Ltd was supposed to be the special purpose vehicle (SPV) for a 1MDB joint venture.
ADMIC Ltd is a company which was originally registered as Malaysian Abu Dhabi Investment Company (MADIC) on March 5, 2013 but the name was changed to Abu Dhabi Malaysian Investment Company Ltd on March 12 the same year.
Wan Aizuddin: Do you know how this change of name happened?
Shahrol Azral: There is a funny story behind it. Jho Low told me that the Abu Dhabi guys were sensitive that “Malaysia” came first in the name before “Abu Dhabi”. So I said “ikut suka merekalah (up to them)”. Jho Low said they would like to do this (change the name); I said I have no problem.
Wan Aizuddin: I’m suggesting that the change of name (from MADIC) to ADMIC was for the purpose to confuse people... to show that ADMIC could be the (media investment firm) ADMIC incorporated in Abu Dhabi.
Shahrol Azral: I have no comment on that.
Wan Aizuddin: I put it to you, that his change of name was a way, by Jho Low, to perfect his plan in order for him to embezzle billions of dollars from 1MDB.
Shahrol Azral: I cannot comment on his motivation.
Wan Aizuddin: But you agree he is in the habit (of coining similar names).
Shahrol Azral: I agree.
When asked whether he knew the purpose of having an offshore company for the joint venture and if there was any benefit for the company to be offshore, the 50-year-old witness said he did not query (Jho Low) on that matter.
Yesterday, the court heard that Jho Low and his associates had incorporated Aabar BVI Ltd in British Virgin Island to be similar to Aabar Investment PJS, which was the real subsidiary of International Petroleum Investment Company (IPIC).
Duped by the similarity of the names, 1MDB then had disbursed almost US$600 million to Aabar BVI Ltd for the purpose of land development in the Kuala Lumpur International Financial District (now known as TRX).
It was reported that Jho Low also set up Blackstone Asia Real Estate Partners, a shell company with a similar name to real estate private equity firm, Blackstone Real Estate.
Najib, 67, faces 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
Bernama
Wed Aug 05 2020
Shahrol Azral agreed with the lawyers suggestion that it was Jho Low's habit of masking the names of companies but he could not comment on Jho Lows motivation behind that. - FILEpic
Seorang wanita maut jatuh lubang saluran air
Seorang wanita maut selepas terjatuh ke dalam lubang saluran air sedalam dua meter ketika menyertai aktiviti mendaki di Bukit Cherok Tok Kun pada Selasa.
Kerja pembersihan sisa kimia dijalankan pada Selasa
Kerja-kerja pembersihan sisa bahan kimia yang dibuang secara haram di Kawasan Perindustrian Tiong Nam dan Kawasan Perindustrian Tropika, Johor bermula pada Selasa.
Suara Rakyat: Ibu bapa gesa UPSR, PT3 dikembalikan semula
Ibu bapa menggesa supaya Ujian Pencapaian Sekolah Rendah (UPSR) dan Pentaksiran Tingkatan Tiga (PT3) dikembalikan secepat mungkin bagi membolehkan penilaian kecenderungan kanak-kanak dibuat dari peringkat awal.
Banjir di Kedah makin memburuk
Situasi banjir di Kedah makin memburuk selepas bilangan mangsa mencecah 1,018 orang mangsa daripada 268 keluarga yang ditempatkan di 11 pusat pemindahan sementara (PPS) di negeri ini.
Ahli GISB dituduh di Mahkamah Putrajaya pada Rabu
Berdasarkan pemakluman kepada media, individu terbabit akan didakwa di bawah Seksyen 506 Kanun Keseksaan di Mahkamah Putrajaya pada Rabu.
523 mangsa ditempatkan di 10 PPS
Seramai 523 mangsa banjir membabitkan 139 keluarga ditempatkan di 10 pusat pemindahan sementara di Pulau Pinang. Daerah Seberang Perai Utara mencatatkan jumlah mangsa banjir tertinggi membabitkan 351 mangsa daripada 87 keluarga.
Mangsa banjir di Kedah terus meningkat, 2,039 orang di PPS
Pertambahan itu direkodkan pada jam 11 malam tadi berbanding jumlah yang dilaporkan pada 8 malam iaitu seramai 1,018 mangsa.
Berita antarabangsa pilihan sepanjang hari ini
Antara pelbagai berita luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
Berita tempatan pilihan sepanjang hari ini
Berikut adalah berita yang paling menjadi tumpuan sepanjang Selasa, 17 September 2024.
Warga emas maut dihempap pokok
Seorang lelaki warga emas maut manakala cucunya cedera apabila dihempap pokok tumbang ketika sedang berkhemah.
Berita antarabangsa pilihan sepanjang hari ini
Antara pelbagai berita luar negara yang disiarkan di Astro AWANI, berikut adalah antara yang paling menjadi tumpuan sepanjang hari ini.
Perjanjian penyelesaian DOJ, Jho Low tidak dibincangkan dalam mesyuarat Kabinet - Fahmi
Isu berhubung perjanjian penyelesaian di antara Jabatan Kehakiman Amerika Syarikat dengan Low Taek Jho atau Jho Low tidak dibincangkan dalam mesyuarat Jemaah Menteri pada Jumaat
Rosmah nafi barang kemas, beg tangan, aksesori mewah dibeli hasil aktiviti haram
Datin Seri Rosmah Mansor menegaskan bahawa barang kemas, beg tangan dan barangan mewah lain yang berada dalam milikannya bukan dibeli dengan wang hasil aktiviti haram.
Jho Low masukkan wang RM100 juta sebagai hadiah kepada bekas peguam 1MDB
Bekas peguam 1Malaysia Development Berhadmengaku di Mahkamah Tinggi bahawa beliau menerima hadiah RM100 juta daripada ahli perniagaan dalam buruan Jho Low, walaupun telah meninggalkan syarikat itu.
'Saya percayakan Jho Low sebab dia sudah miliki wang berjuta' - Jasmine Loo
Bekas peguam 1MDB memberitahu Mahkamah Tinggi Kuala Lumpur pada Jumaat bahawa tidak terlintas di fikirannya ahli perniagaan dalam buruan Jho Low adalah seorang penipu.
Utusan Malaysia mohon maaf kepada pembaca
Portal berita tempatan Utusan Malaysia memohon maaf selepas menerbitkan artikel berhubung pengampunan bekas Perdana Menteri, Datuk Seri Najib Tun Razak.
Najib tidak maklumkan terbitan bon AS$3.5 bilion kepada Kabinet
Mahkamah Tinggi hari ini diberitahu Datuk Seri Najib Tun Razak tidak memaklumkan Kabinet mengenai terbitan bon AS$3.5 bilion.
Najib disyaki terima AS$681 juta untuk beli undi PRU13 - SPRM
Seorang pegawai penyiasat SPRM memberitahu Mahkamah Tinggi di sini pada Selasa bahawa, Datuk Seri Najib Tun Razak disyaki menerima AS$681 juta untuk membeli untuk PRU13 pada 11 tahun lalu.
Najib belanja RM80,000 untuk ubat cegah kanser pada 2013 - Pegawai penyiasat
Mahkamah diberitahu bahawa Datuk Seri Najib Tun Razak membelanjakan RM80,000 pada 2013 untuk suplemen dan vitamin bagi pencegahan kanser daripada wang derma.
Muhyiddin titipkan doa buat Najib
Semalam, Menteri Kesihatan, Dr Zaliha Mustafa dalam sidang media di Parlimen turut mengesahkan masalah kesihatan yang sedang dihadapi Najib.