Najib prevented ex-CEO from repatriating US$2.7b 1MDB bonds: Witness

1MDB TRIAL | Former prime minister Najib Abdul Razak prevented former 1MDB CEO Mohd Hazem Abdul Rahman from repatriating US$2.7 billion (RM12.7 billion) of funds raised by 1MDB in a 2013 bond exercise, claimed a MACC investigating officer.

Nur Aida Arifin told the Kuala Lumpur High Court that following an advisory from fugitive businessperson Low Taek Jho (Jho Low), Najib did not permit a request from Hazem to bring back the funds.

During today’s RM2.27 billion abuse of power and money laundering case against Najib, the 49th prosecution witness testified that Hazem as 1MDB CEO and board member of one of the fund’s unit, did not have access to the funds from the bond issuance.

“Hazem had several times made requests to Najib (who was then finance minister and 1MDB’s board of advisors chairperson) to bring back the funds for the need of 1MDB, however, Low issued a directive that the fund cannot be repatriated because it is for Umno’s general election fund.

“Hazem had informed this to (Najib’s then principal private secretary) Azlin (Alias) and (then) 1MDB chairperson Lodin (Wok Kamaruddin) to inform this matter to Najib.

“However, Najib did not allow the funds to be brought back, and no clear reasons were given,” Aida said.

Ex-1MDB CEO Mohd Hazem Abdul Rahman

However, defence counsel Tania Scivetti objected to Aida’s testimony, contending that it was hearsay.

Judge Collin Lawrence Sequerah recorded the objection, and allowed Aida to resume her testimony. Proceedings resume this afternoon.

Charges

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