Former 1MDB CEO Mohd Hazem Abdul Rahman rubbished claims by Najib Abdul Razak’s defence team that he perpetrated wrongdoing in the sovereign wealth fund’s RM2.28 billion corruption case.
Tenth prosecution witness Hazem was responding to defence lawyer Muhammad Shafee Abdullah’s contention that he committed abuse of power by authorising the transfer of US$250 million from 1MDB to Aabar Investment PJS Limited in 2014.
Previously in the prosecution’s opening statement at the beginning of former premier Najib’s RM2.28 billion 1MDB corruption trial two years ago, it was contended that the accused approved the fund’s subsidiary 1MDB Energy Holdings Ltd, to obtain two loans totalling US$1.225 billion from Deutsche Bank Singapore. The loans were allegedly secured by guarantees provided by 1MDB Energy and 1MDB Langat.
The prosecution contended that there was a bridging loan of US$250 million and a facility loan of US$975 million. The first loan of US$250 million was allegedly made available on May 26, 2014. From this amount, a sum of US$239,939,970 was allegedly paid into 1MDB Energy Holdings Ltd’s account with Falcon Bank Hong Kong on 28 May 2014. Of this sum, Energy Holdings allegedly paid Aabar Investments PJS Ltd BVI US$175 million to its account in BSI Lugano, Switzerland, purportedly to partly redeem the option given as additional security that was mentioned earlier.
Over the course of the trial, then 1MDB CEO Hazem testified having signed an agreement between 1MDB Energy Holdings Limited and Aabar Investments Limited on April 28, 2014, which is linked to the US$250 million transfer. The agreement is marked as Exhibit P77A.
Najib is on trial for four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion of 1MDB’s funds.
During the trial today, Shafee accused Hazem of committing multiple criminal offences by signing the agreement, contending that the witness did it without the express authorisation of Najib.
Najib was also then finance minister and chairperson of 1MDB’s board of advisers. 1MDB is fully owned by the Minister of Finance Incorporated (MOF Inc).
Shafee: To execute P77A, you have committed two serious offences, one of them being CBT (criminal breach of trust) under Section 409 of the Penal Code. This is a breach of trust by a (1MDB) director like you. What do you say to that?
Hazem: I disagree.
Shafee: You have compromised the company’s funds.
Hazem: I disagree.
Shafee: You have committed money laundering, not my client (Najib), by disguising proceeds of unlawful activity and removing the funds from Malaysia to a foreign entity.
Hazem: I disagree.
Shafee: You committed abuse of power as CEO of 1MDB. You enabled and facilitated the misappropriation of US$250 million for the sole benefit of (1MDB-linked fugitive businessperson) Jho Low and other conspirators.
Hazem: I disagree.
Shafee: You signed P77A in your capacity as agent, and you knew the agreement would be used to facilitate misappropriation.
Hazem: I disagree.
The trial before judge Collin Lawrence Sequerah continues tomorrow. - Mkini
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