1MDB TRIAL | A MACC investigating officer testified that former prime minister Najib Abdul Razak did not inform the cabinet about 1MDB's US$3.5 billion bond issuance.
Nur Aida Arifin told the Kuala Lumpur High Court this afternoon what the former finance minister allegedly did about 1MDB's involvement in the acquisition of two independent power producers (IPP), Tanjong Energy Holdings Sdn Bhd (TEHSB) and Genting Sanyen Sdn Bhd.
"Najib as finance minister did not bring to the attention of the cabinet the issuance of the US$3.5 billion (1MDB) bond, when in fact the loan obligation of a MKD (Minister of Finance Incorporated owned company 1MDB) would have implications to the nation's finance.
"The Finance Ministry did not have any knowledge about the issuance of the two bonds which are respectively valued at US$1.75 billion for the acquisition of TEHSB and Genting Sanyen," Nur Aida told trial judge Collin Lawrence Sequerah.
The 49th prosecution witness was testifying during Najib’s trial on four abuse of power charges and 21 money laundering counts linked to RM2.27 billion funds from 1MDB.
‘Top down approach’
To the objection by lead defence counsel Muhammad Shafee Abdullah over the allegation of hearsay and opinion testimony, Nur Aida testified that Najib allegedly ran 1MDB in a “top down approach”.
The witness claimed that her investigation showed this through Najib signing two written resolutions that were tabled in the form of a director's circular resolution (DCR) that 1MDB board directors needed to sign regarding the fund's acquisition of TEHSB and Genting Sanyen.
The IPP acquisition formed the second phase out of a total of four phases that allegedly took place between 2011 and 2014 and purportedly resulted in billions of ringgit being siphoned out of 1MDB.
Parts of testimony expunged
However, due to objection from Shafee over reasons of hearsay, Sequerah directed the expungement of part of Nur Aida's testimony portion regarding the bond.
Open-court proceedings will resume on Jan 24.
Najib is on trial over four counts of abuse of power and 21 counts of money laundering involving RM2.27 billion from 1MDB, a sovereign wealth fund fully owned by the Minister of Finance Incorporated (MOF Inc).
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
On the 21 money laundering counts, Najib is purported to have committed the offences at the same bank between March 22, 2013, and Aug 30, 2013. - Mkini
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