The dupe JV agreement, inked on Sept 28, 2009, eventually resulted in 1MDB diverting US$700 million to Good Star Ltd, a company belonging to fugitive businessman Low Taek Jho, also known as Jho Low.
According to Times Herald-Record's website, minority shareholder David Mullen from New Jersey made the claim in a suit filed Tuesday in Supreme Court in Sullivan County.
The prosecution team has 30 to 40 more witness statements to be submitted, alongside all related documents under section 51A of the Criminal Procedural Code (CPC) within two weeks before the trial date of Nov 18, Al-Saifi added.
Shahrol also said 1MDB was given a mandate by Najib, through Jho Low, to undertake the JV, which was deemed as a G2G initiative that "needed to be done".
As a result, Gurupatham and Rajivan said Justice Wong Chee Lin will hear Rosmah's stay application on Tuesday morning, and make a decision on the application then.
The group intends to fund both contracts via internally generated funds and/or external borrowings, the company said.
It said incentives from Budget 2020 should help to address the oversupply and financing issues.
Lee, who owns a 29.01% equity interest in Metronic, said he instructed his solicitors to write to the Metronic board on Sept 30 to request the special audit on the executives’ share option scheme exercised in June, a joint venture announced on Aug 7, a proposed private placement announced on Aug 8 and also on the cash flow position of Metronic.
Abdul Jalil, 55, takes over the reins from Datuk Zainal Abidin Salleh, who resigned due to health reasons. Abdul Jalil was previously the chief executive officer of Merge Energy Bhd.
Today, the trial will continue its 22nd day, with former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi — the ninth prosecution witness — due for his cross-examination for the sixth day.
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