Share
KUALA LUMPUR (Oct 8): "There is a possibility" that Datuk Shahrol Azral Ibrahim Halmi was recommended by Low Taek Jho (Jho Low) to helm 1Malaysia Development Bhd (1MDB) despite his lack of experience in finance, as part of the plan by the fugitive businessman to conduct the alleged misappropriation of funds.
At the 1MDB-Tanore trial today, Shahrol, 49, testified that he had told Jho Low of his lack of experience in fundraising prior to his appointment as 1MDB chief executive officer (CEO) in 1MDB — then Terengganu Investment Authority (TIA) — on March 23, 2009.
Shahrol testified that he told this to Jho Low instead of then-TIA board member Tan Sri Azlan Zainol, whom he was closer to personally, because "Jho Low was my only interface [with TIA] at the time".
Previously, the former CEO has testified he received the invitation to join TIA from Jho Low, and that he subsequently gave his CV to Azlan. "I thought it was for [the position of] COO (chief operating officer)," Shahrol said.
Shahrol had been questioned by lead defence counsel Tan Sri Muhammad Shafee Abdullah as to why he had been appointed as CEO of TIA, which at the time has not finalised its proposed RM11 billion fundraising mechanism, despite his lack of experience in financing.
1MDB was proposed to have raised RM5 billion via bonds, and RM6 billion from either outstanding Terengganu oil royalty from the federal government, or from borrowings.
Shahrol: I promised to do my best. My best was in organisational building, delivering projects. I clearly stated [to Jho Low] I had no experience in fundraising. I did not push for the job.
If I was not qualified, the people who appointed me (1MDB board of directors, the Terengganu state government, and federal government), they should have known that.
Prior to this, there had been a back-and-forth between Shahrol and Shafee on the responsibilities of a CEO. Shahrol said that as CEO, he knew "someone would have to help in the fundraising aspect".
"The CEO's role is not to look at everything… the CEO's role is to build a team that is better than he is in doing all this," he said.
Shafee: Now that you took some time to explain to us that you had no experience in financial matters… do you think the reason Jho Low approached you was because you had no financial experience so he could take you by the ear (lead you on)?
Shahrol: At that time I did not think so.
Shafee: At that time. Now, in hindsight?
Shafee: There is a possibility.
Shahrol, who was 1MDB CEO from 2009 to 2013, was brought in from consulting firm Accenture, where he was senior manager cum partner. He was an alumnus from Stanford University of California.
He is currently testifying as the ninth prosecution witness in the trial against former prime minister Datuk Seri Najib Razak, who is facing 25 counts of money-laundering and abuse of power for allegedly misappropriating billions of ringgit in 1MDB funds.
The trial continues.
