Kuala Lumpur: The flow of money from the US$3 billion bond issuance purportedly for the development of the Tun Razak Exchange (TRX) had ultimately been diverted into the former Prime Minister Datuk Seri Najib Tun Razak’s bank account.
According to BERNAMA News Agency, Justice Datuk Collin Lawrence Sequerah, who is now a Court of Appeal judge, highlighted this in Najib’s 1MDB case. The testimony was provided by Adam Ariff Mohd Roslan, a Bank Negara Malaysia Analyst, who served as the 47th prosecution witness (PW47).
The judge recounted that on March 12, 2013, Najib attended a signing ceremony for a joint venture between 1MDB and Aabar Investment PJS amounting to US$6 billion at the Prime Minister’s Office. He further noted evidence showing that on March 14, 2013, Najib signed a letter of support to raise a loan through bond issuance by 1MDB worth US$3 billion. The funds were subsequently disbursed by Bank of New York Mellon Group to 1Malaysia Development Berhad Global Investment Limited’s account on March 19
.
Justice Sequerah referred to testimonies from various witnesses, including former Finance Ministry deputy secretary-general Datuk Siti Zauyah Mohd Desa (PW26), former non-executive director of SRC Datuk Suboh Md Yassin (PW42), and former 1MDB CEOs Datuk Shahrol Azral Ibrahim Halmi (PW9) and Mohd Hazem Abdul Rahman (PW10), who testified on the rapid execution of the fundraising transaction.
The judge asserted that Najib, despite the defence’s claims of others’ involvement, acted in multiple roles, including as sole shareholder of 1MDB, Minister of Finance, and Cabinet member, making him the final decision maker. Najib did not file any police reports regarding the alleged involvement of others, which Justice Sequerah interpreted as significant in considering the presumption under section 23(2) of the Malaysia Anti-Corruption Commission Act for the third charge.
Furthermore, Justice Sequerah stated that the court found the credibility of key witnesses, such as former 1MDB counsel Jasmine Loo Ai Swan, Najib’
s special officer Datuk Amhari Effendi Nazarudin, and former Bank Negara governor Tan Sri Zeti Akhtar Aziz, remained intact. He noted these witnesses had no apparent motive to falsely implicate Najib, who held substantial power as Prime Minister and Finance Minister at the time.
In addition, the judge highlighted that Najib approved loans to repurchase shares from Aabar. 1MDB Energy (Langat) Limited engaged in two loan agreements with Deutsche Bank Hong Kong, with the first loan being US$250 million. PW9 testified that a directors’ circular resolution (DCR), Special Rights Redeemable Preference Shareholder in Writing (SRRP), and Minutes of Representative were approved by Najib.
The evidence presented indicated that the US$250 million loan required Najib’s approval, and the subsequent US$975 million loan aimed to refinance the initial loan and settle payments to Aabar. PW10 confirmed that the Board of Directors signed the DCR for the US$975 million, with the Shareholders Resolution and Minutes by Representat
ive already signed by Najib.
Earlier, Justice Sequerah ordered Najib, 71, to present his defense on four charges of using his position to gain RM2.3 billion in gratification from 1MDB funds, alongside 21 money laundering charges, after a prima facie case was established by the prosecution on all 25 charges.
