The criminal trial of former prime minister Najib Abdul Razak involving the alleged abuse of power and money laundering of 1MDB funds enters its 24th day today at the High Court in Kuala Lumpur.
Malaysiakini brings you live reports of the proceedings.
KEY HIGHLIGHTS
- Proceedings adjourn early for Shafee’s eye check-up
- Ex-1MDB CEO assumed Tang would ensure US$700m loan deal in order
- 1MDB board unaware of US$700m loan agreement: witness
- 1MDB-Petrosaudi joint-venture company inherited US$700m debt
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12.30pm - Thank you for following our live report today.
Proceedings adjourn early for Shafee’s eye check-up
11.36am - Najib Abdul Razak's 1MDB trial is adjourned early today as his lead defence counsel Muhammad Shafee Abdullah has to attend an eye-checkup.
Kuala Lumpur High Court judge Collin Lawrence Sequerah allows the early adjournment application by Shafee (below).
Lead DPP Gopal Sri Ram does not raise an objection to the matter.
Shafee: I need to be present at the Columbia Hospital for an eye operation check-up. There is a procedure I need to do. My eye would not be (usable) for a few hours. I ask for the matter (proceedings) be fixed on Thursday at 9.30am.
Sequerah then allows proceedings to adjourn early today and to continue on Thursday.
Ex-1MDB CEO assumed Tang would ensure US$700m loan deal in order
10.38am - Former 1MDB CEO Shahrol Azral Ibrahim Halmi testifies that he assumed the sovereign wealth fund's business development executive director Casey Tang would ensure the US$700 million loan agreement signed by 1MDB-Petro Saudi International on Sept 25, 2009, was in order.
The ninth witness says this during cross-examination by lead defence counsel Muhammad Shafee Abdullah.
Shafee: The JVC (joint venture company between 1MDB and Petro Saudi International) was suddenly in debt (of US$700 million) from the loan agreement, why you did not ask (about the loan agreement)?
Shahrol: As this whole thing was managed by Casey (Tang), I assumed Casey, with his superior experience, would ensure everything was in order.
Shahrol also agrees with Shafee that he has never actually seen the Sept 25, 2009, loan agreement during his tenure at 1MDB.
1MDB board unaware of US$700m loan agreement: witness
10.26am - The 1MDB board of directors never knew about the US$700 million loan agreement signed by the 1MDB-Petro Saudi International joint venture company (JVC) on Sept 25, 2009, prior to the actual joint venture agreement between both the sovereign wealth funds, the court hears.
This is what former 1MDB CEO Shahrol Azral Ibrahim Halmi admits during cross-examination by lead defence counsel Muhammad Shafee Abdullah.
Shafee: The (1MDB) board never knew of this agreement entered into (on Sept 25 2009), prior to the JV agreement?
Shahrol: Correct.
Shafee: If this loan agreement had been presented to the board (beforehand), they would not have agreed to the terms?
Shahrol: I would agree with that.
1MDB-Petrosaudi joint-venture company inherited US$700m debt
10.15am - The court hears that a joint-venture company between Petrosaudi Holdings (Cayman) Ltd and 1MDB had inherited a US$700 million debt.
According to the cross-examination by the defence on former 1MDB CEO Shahrol Azral Ibrahim Halmi, the debt was incurred when the joint venture company called 1MDB-Petrosaudi Ltd was still fully-owned by Petrosaudi.
For the record, the debt was incurred by a loan agreement that was signed on Sept 25, 2009, by 1MDB-Petrosaudi Ltd before 1MDB even signed an agreement to formalise their joint venture.
Shahrol testifies that the US$700 million loan agreement was between 1MDB-Petrosaudi Ltd as the borrower and Petrosaudi Holdings (Cayman) Ltd as the lender.
According to a document tendered in court, the same person had signed the loan agreement for both sides - Petrosaudi CEO Tarek Obaid (above).
9.56am - The accused Najib Abdul Razak enters the dock as proceedings begin.
9.49am - Lead DPP Gopal Sri Ram and lead defence counsel Muhammad Shafee Abdullah are seen exiting the chambers of Kuala Lumpur High Court judge Collin Lawrence Sequerah.
9.37am - Lead DPP Gopal Sri Ram and lead defence counsel Muhammad Shafee Abdullah are seen entering the chambers of Kuala Lumpur High Court judge Collin Lawrence Sequerah.
9.26am - Accused Najib Abdul Razak enters the court and takes a seat at the front row of the public gallery to await proceedings to begin.
As the cross-examination of former 1MDB CEO Shahrol Azral Ibrahim Halmi enters the 8th day in Najib Abdul Razak's RM2.28 billion trial today, the former prime minister's defence team will have another 45 percent of questions left to ask the key 9th prosecution witness.
Last week, lead defence counsel Muhammad Shafee Abdullah revealed to the media that the defence team had covered around 55 percent of questions after seven days of cross-examination.
With the 24th day of trial expected to resume before Kuala Lumpur High Court judge Collin Lawrence Sequerah around 9.30am this morning, parties in the proceedings would need to deal with an overall shorter trial week, which lessens the likelihood of Shahrol's cross-examination being wrapped up by this week.
This is due to Najib (above) needing to attend a separate Kuala Lumpur High Court proceedings on Tuesday and Wednesday this week for oral submissions by both the prosecution and defence in his RM42 million SRC case.
With Fridays customarily reserved for other non-Najib cases before Sequerah, this would leave only Thursday this week as the next available date for the accused's 1MDB hearing. - Mkini
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