US$700 million purportedly transferred from 1MDB to Jho Low’s company – witness


The High Court here today was told that if an audit were to be conducted it would reveal that US$700 million from 1Malaysia Development Berhad (1MDB) was transferred into a company owned by fugitive businessman Low Taek Jho or Jho Low.

Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi (picture), 49, said this in response to an additional question during examination-in-chief by senior deputy public prosecutor Datuk Seri Gopal Sri Ram on the 13th day of Datuk Seri Najib Tun Razak’s 1MDB trial. He said an audit would have revealed that US$700 million from the US$1 billion meant for a 1MDB-Petro Saudi joint venture was transferred to Jho Low’s company, Good Star Limited.

Sri Ram: Had the US$1 billion already been disbursed

Shahrol Azral: Yes, it has.

Sri Ram: What would an audit have revealed at that point in time

Shahrol Azral: The audit at that point in 2010 would have revealed that we invested US$1 billion with Petro Saudi International, but US$300 million went to the joint venture company (between 1MDB and Petro-Saudi) while US$700 million has been transferred to another company purportedly owned by Jho Low.

Sri Ram: What was the name of that company

Shahrol Azral: Good Star Limited.

The ninth prosecution witness said there was no need for an audit exercise on 1MDB as the company had already appointed accounting firm Ernst and Young, and that an audit report would be submitted to Ministry of Finance Incorporated once it was ready.

Najib, 66, is facing four charges of abusing his position to corruptly obtain RM2.3 billion of 1MDB funds and 21 counts of money laundering related to the money.

The Pekan MP allegedly committed the four offences at AmIslamic Bank Berhad, Jalan Raja Chulan branch, Bukit Ceylon here between Feb 24, 2011, and Dec 19, 2014, and the 21 charges, between March 22, 2013, and Aug 30, 2013, at the same place.

The trial before Judge Collin Lawrence Sequerah continues tomorrow.