Fugitive businessman Low Taek Jho handed over four cheques amounting to US$100 million, which were alleged donations from the Saudi royal family to the Yayasan 1Malaysia Development Berhad (1MDB) Trust Fund, the High Court heard today.
The cheques which were issued on September 2010 were given to 1MDB former chief executive officer Datuk Shahrol Azral Ibrahim Halmi.
Shahrol, 49, who was testifying as a witness said that Low had asked him to “hold on” to the cheques.
“He told me to hold on to these cheques and do not do anything with them until he gives further instructions. So at the end of my career as CEO, I passed these cheques to the Finance Department for safekeeping,” he said during the cross-examination by deputy public prosecutor Datuk Seri Gopal Sri Ram.
KUALA LUMPUR: Fugitive businessman Low Taek Jho (Jho Low) handed over four cheques amounting to US$100 million, which were alleged donations from the Saudi royal family to the Yayasan 1Malaysia Development Berhad (1MDB) Trust Fund, the High Court heard today.
The cheques which were issued on September 2010 were given to 1MDB former chief executive officer Datuk Shahrol Azral Ibrahim Halmi.
However, the cheques were never cashed.
The prosecution in the trial of former prime minister Datuk Seri Najib Razak involving the misappropriation of RM2.3 billion of 1MDB funds, did not reveal details of the cheques during today’s proceedings.
Shahrol, 49, who was testifying as a witness said that Low had asked him to “hold on” to the cheques.
“He told me to hold on to these cheques and do not do anything with them until he gives further instructions.
“So at the end of my career as CEO, I passed these cheques to the Finance Department for safekeeping,” he said during the cross-examination by deputy public prosecutor Datuk Seri Gopal Sri Ram.
Shahrol also said the cheques were given to him during the time when 1MDB’s US$1 billion stake in a joint venture with PetroSaudi International Ltd (PSI) was being converted into an investment via loans to PSI.
Sri Ram: Can you explain the context (of this)?
Shahrol: The context was during the PSI Joint Venture (JV) in September 2009 and around the time we converted the equity in the JV to Murabahah notes, Low informed me that the Saudi royal family wanted to donate US$100 million to Yayasan 1MDB.
Sri Ram: Please continue.
Shahrol: I remember Low asked me what to make the cheques out to and I remember making enquiries to AmBank on what would be the right name to put on the cheques. So around September, as per the dates on the cheques, Jho (Low) passed me these cheques.
However, Najib’s lead counsel Tan Sri Muhammad Shafee Abdullah stood up from his seat and objected, stating that was hearsay.
“This statement is allegedly verbal instruction by Low,” he said.
Sri Ram in his opening speech said it would show evidence to prove that Najib and Low tried to cover their tracks after the 1MDB financial scandal broke four years ago.
He said the duo produced sham documents including four uncashed cheques for US$25 million each allegedly received from the Arab royal family.
Trial continues Monday before judge Collin Lawrence Sequerah.
Najib, 66, is facing four charges of having used his position to obtain gratification totalling RM2.3 billion in 1MDB funds and 21 counts of money laundering involving the same money.
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