The Malaysian Insight

NAJIB Razak’s 1Malaysia Development Bhd (1MDB) trial resumes this afternoon with former 1MDB CEO Shahrol Azral Ibrahim Halmi returning to the stand at the Kuala Lumpur High Court.

The trial enters its 29th day with Shahrol expected to be cross-examined again by Najib’s lead defence counsel Muhammad Shafee Abdullah.

Yesterday, Shahrol testified that about a week after a joint venture deal was signed between 1MDB and PetroSaudi International on September 25, 2009, US$85 million (RM255 million then) made its way into the bank account of PetroSaudi CEO Tarek Obaid.

Investigators later revealed that Tarek had shared US$33 million with PetroSaudi director Patrick Mahoney.

During cross-examination, Shafee asked Shahrol “Christmas came a bit early that year?”, to which the witness nodded in the affirmative.

Five days after the US$1 billion joint venture deal was signed between 1MDB and PetroSaudi International on September 25, US$300 million was paid to PetroSaudi Holdings (Cayman) Ltd and US$700 million to Good Star Ltd without the approval of the board.

Investigators later revealed them to be sham companies, with Good Star controlled by fugitive financier Low Taek Jho, commonly known as Jho Low.

Documents tendered to the court as evidence showed that Good Star paid Tarek US$85 million on October 5, 2009, five days after the shell company received US$700 million from 1MDB.

On October 20, US$33 million was transferred from Tarek’s account to that of Mahoney’s, documents tendered to the court showed.

Najib, 66, is on trial for four counts of power abuse to enrich himself with RM2.3 billion from 1MDB and 21 counts of laundering the same amount.

Prosecutors have accused him of conspiring with the Penang-born Low to defraud the state investor.

Najib is represented by a dozen lawyers. Former Federal Court judge Gopal Sri Ram leads the prosecution before judge Collin Lawrence Sequerah.

The Malaysian Insight brings you today’s proceedings live:

2.55pm: Sri Ram further suggests that the following week after next, the trial shall begin at 9.30am and end at 6pm.

Shafee says the defence also wishes to apply for all minutes of 1MDB meetings from 2009 until 2015 to be provided to the legal team. Sri Ram does not object.

The minutes will span from the issuance of Islamic medium term notes for Terengganu Investment Authority to when investigations into 1MDB began.

Court is adjourned until Monday, 9.30am.

2.53pm: Shafee submits microscopic pictures to the court, which was viewed previously in chambers by three men – himself, Sequerah and Sri Ram.

The defence lawyer says this is to prevent the pictures from making its way onto the internet.

“My learned friend (Sri Ram) has suggested that in view of this, can we persuade Yang Ariff that we can take Tuesday, Wednesday and Thursday, that the case ends at 6pm,” says Shafee.

The lawyer says that is to make up for lost time.

Sri Ram does not object, saying: “We are grateful to your lordship’s acquiescence to this request.”

2.50pm: Shafee addresses the court. He thanks the court for giving him time to argue another case at the Federal Court this morning.

The lawyer says he was also informed by his client Najib that he has to go to the International Specialist Eye Centre.

Najib is having issues with both eyes and was told by his doctor that it may be more than just conjuntivitis.

Shafee says Najib has a medical appointment tomorrow for further blood tests.

2.45pm: Sri Ram informs his lawyers that the case has been adjourned to Monday, 9.30am.

Najib is still not present.

2.40pm: Shafee and Sri Ram have gone to Sequerah’s chambers.

Meanwhile, DAP central executive committee member Ronnie Liu enters the public gallery and seats himself right behind the witness dock.

2.30pm: Shafee, Sri Ram and other lawyers gather in court. Najib is not present. – October 31, 2019.