KUALA LUMPUR: State-owned sovereign wealth fund, 1Malaysia Growth Berhad (1MDB), Social Safety Organisation (Socso) and Malaysians suffered losses from the RM5 billion bonds in Islamic medium time period notes (IMTN) issued by Terengganu Funding Authority Berhad (TIA).
Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, mentioned the issuance of the bonds, nonetheless, benefited a international firm, Aktis Capital, which was linked to fugitive businessman Low Taek Jho, or Jho Low (pix).
The ninth prosecution witness mentioned this when cross-examined by Tan Sri Muhammad Shafee Abdullah, the defence counsel for Datuk Seri Najib Abdul Razak on the 19th day of the previous premier’s trial involving 1MDB funds.
Earlier, the lawyer learn out a letter between AmBank and Aktis pertaining to a web quantity of RM74.62 million payable to the latter.
“In keeping with this letter, AmBank acknowledged that Aktis had subscribed to the bonds at RM617 million, with the corporate then appointing AmBank as a placement agent, which had then helped the corporate dispose the bonds at par worth, RM700 million, amounting to a buying and selling acquire of RM83 million.
“AmBank, miraculously, was capable of promote it at face worth and this course of solely benefited Aktis … who had been the losers of this deal?” requested the lawyer. The witness responded: 1MDB.
Muhammad Shafee: Some folks organized in Aktis for the discounted sale, for Jho Low’s outfit to make cash.
“Now who else misplaced? The Malaysians? Malaysians bought screwed twice because the bonds had been offered at a reduction after which offered at a better worth to Malaysian establishments similar to EPF, Socso, insurance coverage firms and together with AmBank?” proposed the lawyer.
Shahrol Azral: Sure.
Najib, 66, faces 4 costs of utilizing his place to acquire bribes totalling RM2.three billion from 1MDB funds and 21 costs of cash laundering involving the identical quantity.
Listening to earlier than Excessive Courtroom Choose Collin Lawrence Sequerah continues, with senior deputy public prosecutor and former Federal Courtroom choose Datuk Seri Gopal Sri Ram main the prosecution. — Bernama