1MDB channeled funds meant for PetroSaudi to Jho Low’s company, court told

For the duration of the 1MDB trial, TTF will carry key testimonies and reports involving both prosecution and defence witnesses. Source (pic): TTF

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi told the High Court that 1Malaysia Development Bhd (1MDB) had transferred money into the account of Good Star Ltd, which belongs to fugitive financier Low Taek Jho, also known as Jho Low, when the money was intended for PetroSaudi International Ltd (PSI).

He said that the bank had queried 1MDB as the account number in a US$330mil (RM1.363bil) transaction did not match the name of the beneficiary on paper, which was PSI.

Lead counsel Tan Sri Muhammad Shafee Abdullah then said this was the second time the “mistake” happened where the first was in 2009 when 1MDB transferred US$700mil to the same account belonging to Good Star.


KUALA LUMPUR: The High Court was told that 1Malaysia Development Bhd (1MDB) had transferred money into the account of Good Star Ltd, which belongs to fugitive financier Low Taek Jho, also known as Jho Low, when the money was intended for PetroSaudi International Ltd (PSI).

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, was questioned during cross-examination on Thursday (Nov 7) over the transaction where 1MDB transferred US$330mil (RM1.363bil) to an account in 2011.




He said that the bank had queried 1MDB as the account number in the transaction did not match the name of the beneficiary on paper, which was PSI.

The witness said the bank account number, which turned out to be Good Star’s, was provided by PSI’s CEO Tarek Obaid.

Good Star was initially represented as a PSI subsidiary but was later revealed to be owned by Jho Low.

Lead counsel Tan Sri Muhammad Shafee Abdullah then said this was the second time the “mistake” happened where the first was in 2009 when 1MDB transferred US$700mil to the same account belonging to Good Star.

Shafee: You are sending a lot of money from 1MDB. Not a small amount. We are now no longer in the bracket of millions, we are in the bracket of billions.

Shahrol: Correct.

Shafee: Not determining who is Good Star is negligence.

Shahrol: I disagree.

Shafee: Would you agree, can I suggest a softer word, there is no due diligence on your part?

Shahrol: Disagree.

Former prime minister Datuk Seri Najib Razak, 66, faces 25 charges in total – four for abuse of power that allegedly brought him financial benefit to the tune of RM2.3bil; and 21 for money laundering involving the same amount of money.

The hearing before Justice Collin Lawrence Sequerah continues.

Source:



Your donation is much appreciated and will go a long way towards helping us serve you better. Click the donate button below to make a contribution (you don't need a Paypal account to donate through Paypal, simply follow the instructions once you click the button).


SUBSCRIBE TO US ON YOUTUBE:



YOUTUBE: THE THIRD FORCE

TELEGRAM: Raggie Jessy Rithaudeen

TWITTER: Raggie Jessy Rithaudeen

WEBSITE: raggiejessyrithaudeen.com

Loading...

COMMENTS

Comments

Comments



Loading...