1MDB transferred RM853mil to 2 charity bodies in 2013, Najib trial told

 

According to a witness, the instruction for 1MDB to transfer over US$200 million to two charities came from former prime minister Najib Razak. (AP pic)

KUALA LUMPUR: A former 1MDB chief financial officer told the Najib Razak trial that the company transferred US$205 million (RM853 million) to two charity organisations in 2013.

Azmi Tahir told the High Court that US$100 million was paid to Kelab Kebajikan 1Malaysia Pulau Pinang between March 25, 2013 and April 2013 and another US$105 million was transferred to Yayasan Rakyat 1Malaysia between March 25, 2013 and May 2, 2013.

“The US$100 million was a donation to Kelab Kebajikan 1Malaysia Pulau Pinang. The transfer was done on Datuk Azlin’s instruction, which I believe came from Datuk Najib,” he said, referring to Najib’s late principal private secretary Azlin Alias.

Azmi added that the US$105 million was given to Yayasan Rakyat 1Malaysia as a donation because Najib was its trustee. Previously, in Najib’s RM42 million SRC International case, it was revealed that Najib was one of the foundation’s directors.

Azmi also affirmed that the instruction to transfer US$105 million to Yayasan Rakyat 1Malaysia came from Najib.

The witness told the court that on March 19, 2013, the company had issued a US$3 billion bond and the money (US$2.71 billion, after deducting service charges and fees to Goldman Sachs) was deposited into its BSI Bank account, registered under 1MDB’s subsidiary company, 1MDB Global Investment Ltd.

“The US$3 billion was meant to be invested in a joint venture with Aabar Investment. However, the money was not spent on what it was intended for,” he added.

Besides the US$205 million, Azmi said some of the US$2.71 billion was transferred to several entities, namely Enterprise Emerging Markets Fund or EEMF (US$414.8 million), Cistenique Investment Fund (US$379.6 million), Devonshire Funds Ltd (US$586.9 million), Brazen Sky (US$3.3 million), Pacific Harbor Global Growth (US$248.7 million), Standard & Poor’s Singapore Pte Ltd (US$1.15 million), Linklaters Singapore Pte Ltd (US$1.5 million) as well as Corporate Trust Services (US$62.3 million).

He also said US$791.8 million was deposited into 1MDB’s account to pay for the sale of land in Ayer Hitam and other loan repayments.

Azmi said the US$791.8 million transaction was done on the instructions of then CEO Mohd Hazem Abdul Rahman.

Najib is standing trial on 25 charges of abuse of power and money laundering over alleged 1MDB funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014.

The hearing before High Court judge Collin Lawrence Sequerah continues. - FMT