Ex-1MDB CEO says he believed Jho Low’s claim on US$2.5bil PetroSaudi JV

 Shahrol Azral Ibrahim Halmi recalls communicating with an aide to then prime minister Najib Razak to prepare for the signing ceremony.

Former 1MDB CEO Shahrol Azral Ibrahim Halmi is the fourth plaintiff witness in the US$5.64 billion suit filed by 1MDB and its four subsidiaries against former prime minister Najib Razak and several of the firm’s former senior executives.

KUALA LUMPUR:

Former 1MDB CEO Shahrol Azral Ibrahim Halmi told the High Court he believed fugitive businessman Low Taek Jho’s (Jho Low) claim that a US$2.5 billion joint venture between 1MDB and PetroSaudi International Ltd would be signed as the matter had been communicated to the Prime Minister’s Office in 2009.

The 56-year-old, the fourth plaintiff witness in the US$5.64 billion suit filed by 1MDB and its four subsidiaries, recalled communicating with then prime minister Najib Razak’s special officer, Amhari Efendi Nazaruddin, during preparations for the signing ceremony.

However, Shahrol acknowledged that he did not pursue the matter further and had no documentation confirming that the ceremony was scheduled to take place.

He said this during cross-examination by lawyer Shafee Abdullah, who represents Najib, the first defendant in the suit.

Shafee: Amhari is another interesting witness. Less colourful than you, but still colourful. Do you agree that Amhari was one of those confirmed to have received money from Jho Low?

Shahrol: I don’t have knowledge of that.

Shafee: All the information about the signing ceremony came from Jho Low?

Shahrol: Yes.

Shafee: And you took it to be true?

Shahrol: Yes.

Previously, in Najib’s 1MDB criminal trial, the court was told that the signing ceremony never took place, despite it being cited as the reason the deal was hastily arranged in the first place.

1MDB and its subsidiaries – 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd, formerly known as 1MDB Global Investments Ltd – filed the civil suit on May 7, 2021.

They named Najib, 1MDB’s former finance director Terrence Geh, former executive director Casey Tang, former general counsel Jasmine Loo, former chief investment officer Vincent Beng, former chief financial officer Radhi Mohamad, former 1MDB investment director Kelvin Tan and former chief investment officer Nik Faisal Ariff Kamil as defendants.

1MDB has dropped its civil suit against Radhi, with no liberty to refile. The company has also removed Loo from the case.

According to the writ of summons, the plaintiffs, among other things, accused the defendants of breach of trust, breach of statutory duty, abuse of power and conspiracy to misappropriate 1MDB funds.

The hearing before Judicial Commissioner Redzuan Idrus continues on March 15 next year. - FMT