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1MDB-Tanore Trial Day 32: Najib to attend to another 1MDB case first thing this morning

KUALA LUMPUR (Nov 7): Former premier Datuk Seri Najib Abdul Razak will have to attend to another case involving 1Malaysia Development Bhd (1MDB) this morning before appearing for his 1MDB-Tanore trial, which will be entering its 32nd day.

The Pekan MP has to appear alongside Arul Kanda Kandasamy – 1MDB chief executive officer (CEO) from 2015 to 2018 – before High Court judge Justice Mohamad Zaini Mazlan as they are jointly charged with audit tampering of the 1MDB accounts.

The trial to this case is scheduled to begin on Nov 18 which means the former premier will have three ongoing hearings – if SRC International Sdn Bhd trial judge Justice Mohd Nazlan Mohd Ghazali rules next Monday (Nov 11) that Najib must call his defence.

It remains to be seen whether Justice Zaini would decide to vacate his trial dates to give priority to the 1MDB trial Justice Mohd Nazlan has already fixed trial dates beginning Dec 3 should the defence be called.

In the 1MDB-Tanore trial, the fund’s ex-CEO Datuk Shahrol Azral Ibrahim Halmi – who served from 2009 to 2013 – will continue to testify from where he left off, namely focussing on fundraising for the Tun Razak exchange or the Kuala Lumpur International Financial District Project (KLFID).

Shahrol also testified and agreed with Najib's lead counsel Tan Sri Muhammad Shafee Abdullah that PetroSaudi International's Tarek Obaid and Patrick Mahony may have conspired to deceive Najib in getting 1MDB funds.

This follows an email exchange between both of them dated August 7, 2010.

Although Shahrol admitted he was not privy to the exchanges he did not discount the possibility based on point four that said: 

On the US$1 billion funding, the thing to tell the PM is that we have some very good investment prospects pending and that we really need the funds quickly. The constant broken promises and delays have hurt our business hugely and cost us (I think saying delays have cost us helps us because we can then blame them for the losses later). I wouldn't discuss the US$500 million write-off with the PM or any losses at this point (this is Jho’s thoughts only for now but it makes sense) because I think the PM thinks we are making good investments. So I think we promote the JV and all the great things we can do with it but make it clear we need the funds soon and that delays are costing us -therefore we would urge the PM to do everything in his power to make sure we have the full US$1b as soon as possible.”

On Tuesday, Shahrol also revealed that PSI owes 1MDB US$2.2 billion from their failed 2009 joint venture, as at 2015.

The Edge is reporting the proceedings of the 1MDB-Tanore trial live.

Users of The Edge Markets app may tap here to access the live report.

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