KUALA LUMPUR: The investigating officer in Najib Razak’s 1MDB case conceded under cross-examination in the High Court that the company’s former general counsel, Jasmine Loo, could be a material witness in the case.
Testifying in Najib Razak’s 1MDB trial, Foo Wei Min from Bukit Aman’s commercial crime investigation department (CCID) said that he recorded statements from Loo between August and September, following her arrest in July this year.
Loo is a former associate of fugitive financier Low Taek Jho, also known as Jho Low.
Foo said his investigation centred on the recovery of assets that were purchased using 1MDB funds.
“She (Loo) told us that she had always been in contact with Jho Low during the period he absconded,” he said.
“However, she informed us that they never spoke about transactions in Tanore Finance Corporation’s account,” Foo said when asked about details of the communication between Low and Loo.
Lawyer Shafee Abdullah pointed out that Loo was given a power of attorney to operate Tanore’s account.
The court had previously heard that US$681 million, out of US$3 billion raised by 1MDB through a bond issue to develop the Tun Razak Exchange (TRX) here, had been transferred into Najib’s personal account in 2013.
Funds allegedly from 1MDB were transferred to three offshore funds belonging to Cistenique Investment Fund (US$530.3 million), Devonshire Funds Ltd (US$646.5 million) and Enterprise Emerging Markets Fund or EEMF (US$414.1 million).
Devonshire transferred US$640 million to Tanore Finance Corporation, while Cistenique and EEMF deposited a total of US$625 million into the same account.
Foo told the court he was unsure if another investigating officer had asked Loo about transactions involving Tanore’s account.
“Do you agree that Jasmine (Loo) is a vital witness to unveil who really operated Tanore’s accounts, instructed US$681 million to be sent to my client’s (Najib) account, and received US$620 million from him,” asked Shafee.
“Basically she can put the nails in my client’s coffin, or her testimony can be favourable to him?”
Foo initially told the court that he did not wish to answer the question, with deputy public prosecutor Ahmad Akram Gharib saying that Shafee was merely asking the officer to offer his opinion on the matter.
Trial judge Collin Lawrence Sequerah, however, directed Foo to answer Shafee’s question.
Foo said that Loo’s testimony could either harm Najib’s defence or favour the former prime minister.
Foo also testified that Loo had acted as Low’s personal assistant by helping him arrange for meetings, which she had also attended.
He also said Loo had told the police she met Low in China in 2019, after Najib was charged in the 1MDB case.
The hearing continues on Dec 5.
Najib is standing trial on 25 charges of abuse of power and money laundering over alleged 1MDB funds amounting to RM2.28 billion deposited in his AmBank accounts between February 2011 and December 2014. - FMT
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