The Malaysian Insight

THE former 1Malaysia Development Berhad (1MDB) chief financial officer (CFO) testified today that he had never allowed its funds to be invested into Tanore Finance Corporation, which allegedly went into Najib Razak’s personal bank account.

Azmi Tahir, the 12th prosecution witness of former prime minister Najib Razak’s 1MDB-Tanore trial, said fugitive businessman Low Taek Jho and his proxies handled them without accounting for the details.

He said he was aware that US$1.59 billion (RM6.62 billion) of the US$2.72 billion bond received by 1MDB Global Investments Limited (GIL), a 1MDB subsidiary, was transferred to three fund companies.

The investment to Cistenique Investment Fund, Enterprise Emerging Markets Fund (EEMF) and Devonshire Funds Limited was made within 24 hours after US$2.72 billion was deposited into 1MDB GIL.

However, he said he has no knowledge of the subsequent transfer to Tanore, Granton Property Holdings Limited, and Midhurst Trading Limited in 2013.

“I am not aware at all in regards to the transfer of monies later to third parties Tanore, Granton, and Midhurst.

“And if it was done, it was through the decision of former deputy CFO Terence Geh Choh Heng.

“I also never allowed any third parties to make any investment to other parties including into any individual’s account, that is Najib’s private account,” Azmi said.

Earlier in the prosecution’s opening statement at the start of this trial, it was said that Tanore transferred US$681 million into Najib’s account between 21 March, 2013 and 10 April, 2013.

Azmi today said that Tanore, Granton and Midhurst were not listed on the BSI fund statement he received, which disclosed the value of 1MDB GIL’s investments from time to time.

When the prosecution showed Azmi several documents of the money transfer agreement to Tanore and Granton during trial, the witness said he had only seen it during the 1MDB scandal investigation.

“The only ones who should know are Geh and BSI Officers Yeo Jiawei and Yak Yew Chee,” he added.

He said that he had asked Geh about it when Tanore first appeared in the media in relation to 1MDB.

“I asked whether we had any investments with Tanore, but Terence denied it and said it was not true,” Azmi said.

Reading his witness statement, Azmi also said that he and former 1MDB chief executive officer (CEO) Mohd Hazem Abdul Rahman were clueless on overseas investments made by the company.

“I cannot question any decision to transfer the funds to the third parties as it was instructed by Najib’s former principal private secretary, Azlin Alias.

“I was also informed that Jho Low had control because every investment action of 1MDB GIL was placed under Geh’s supervision, who was a proxy of Jho (Low’s),” he said.

Najib, 68, is facing 25 charges of abuse of power and money laundering over alleged 1MDB funds amounting to RM2.28 billion being deposited into his AmBank accounts between February 2011 and December 2014.

The Pekan MP faces up to 20 years in prison if convicted.

The trial continues before Kuala Lumpur High Court judge Collin Lawrence Sequerah on Monday afternoon. – November 11, 2021.