The Malaysian Insight

NAJIB Razak first met Penang-born businessman Low Taek Jho in 2007, just two years before 1Malaysia Development Bhd was formed, the Kuala Lumpur High Court heard today.

Reading his witness statement, the former prime minister spoke of Low’s accomplishments and influence among Middle-Eastern business players. 

“I first met him around 2007. He was introduced to me via my stepson, Riza Aziz. I believe Riza met Jho Low through Jho Low’s brother, Tiek Sin.

“I was told then that Jho Low was a graduate of the Wharton Business School and was very young and had become an entrepreneur with several successful businesses. Aside from that, I was informed that Jho Low ran a private investment fund.”

Low would have been 26 then. Najib later learnt that Low had worked closely with Arab contacts and Khazanah (Nasional) at the Iskandar Development Region in Johor.

“He was a successful person and soon after, he was involved in the takeover of UBG (Utama Banking Group) from the Tun Taib Mahmud’s family.”

Low also knew then Yang di-Pertuan Agong Sultan Mizan Zainal Abidin, which led to the formation of the Terengganu Investment Authority, the precursor of 1MDB.

“Jho Low became someone with influence and good connections with the royalty and developers in the United Arab Emirates and Saudi Arabia and was able to organise meetings and discussions with such people.

“This formed the basis of my confidence in Jho Low to get investments from investment bodies from the UAE and Saudi Arabia.”

Najib said his confidence in Low was further bolstered by his ability to get UAE’s Mubadala Development to invest in the Iskandar Development Region.

The former prime minister said Low also played a role in organising a visit by UAE crown prince Sheikh Mohammed Zayed Al Nahyan to Malaysia in 2011 and organising a meeting with Prince Turki to discuss 1MDB’s joint venture with PetroSaudi in September 2009.

Najib told the court that Prince Turki was a member of the Saudi royal family and “one of the favourite sons” of the late King Abdullah.

Turki was also the governor of Riyadh then.

Najib’s charges in the SRC International trial are linked to RM4 billion in loans issued to the entity in 2011 and 2012, for which he is accused of receiving RM42 million in his accounts in 2014 and 2015.

The 66-year-old accused addressed the court via a 243-page witness statement on those allegations. – December 4, 2019.