Jho Low wanted to raise RM5 bil to develop Pulau Bidong, court told

According to Shahrol Azral Ibrahim Halmi, Jho Low said RM5 billion was needed quickly as the Pulau Bidong development had been planned.

KUALA LUMPUR: Fugitive businessman Low Taek Jho was pushing hard to start a development project in Pulau Bidong, Terenggnau, on a RM5 billion borrowing, the High Court heard today.

Former Terengganu Investment Authority (TIA) CEO Shahrol Azral Ibrahim Halmi said the businessman, better known as Jho Low, prepared letters to the authorities and Treasury officals and he (Shahrol) signed them.

He said TIA, which was a RM2 company, wanted to raise RM5 billion through Islamic medium term notes and Ambank Islamic was selected for the purpose.

He said the borrowing was supposed to be guaranteed by the federal government and the money was needed quickly as the Pulau Bidong development had been planned.

Shahrol, who was appointed as TIA CEO on March 23, 2009, said the target date to raise the funds was end-May that year.

The 9th prosecution witness said there were meetings between TIA representatives and Treasury officials to meet the deadline.

“Jho Low also suggested that I push finance ministry officials while he would also do the same with the finance minister from top down,” he said when examined by ad hoc prosecutor Gopal Sri Ram.

Asked to explain what he meant by finance minister, Shahrol said Najib was holding the portfolio at that time.

He said Jho Low had prepared a letter for Najib, which he signed in his capacity as TIA CEO.

Companies Commission of Malaysia assistant registrar Rafidah Yahaya had testified earlier that Najib took control of TIA before its name was changed to 1Malaysia Development Berhad (1MDB).

She a new clause included into TIA’s constitution on Sept 2, 2009 changed the character of the company.

Shahrol remained CEO and a director of 1MDB, which was a wholly owned government company.

Najib is facing 25 charges of money laundering and abuse of power over alleged 1MDB funds in his AmBank accounts.

He is accused of abusing his position to obtain RM2.28 billion in bribes in February 2011 and December 2014.

He is also said to have transferred RM2.28 billion in illegal funds to his bank accounts and to have subsequently used the money.

The hearing before judge Collin Lawrence Sequerah continues. - FMT