News by Adam Aziz

High Court Judge Mohamed Zaini set the case management date on Aug 29 this year, in the presence of both accused.

Shafee said the BNM raid on AmBank in 2015 to seek information on the bank accounts of Najib and SRC did not reveal anything new so far.

Details were shared about the three companies — including SRC's unit Ihsan Perdana Sdn Bhd — involved in the trial in the written statement by the first witness, Companies Commission Malaysia (CCM) assistant registrar Muhamad Akmaludin Abdullah.

From the raid on July 6, 2016, BNM obtained eight folders containing information in relation to the setting up of four accounts under Najib's name, three SRC accounts and one under Gandingan Mentari.

FGV said the matter has caused "much uncertainty and concern" for its shareholders.

"Felda's board of directors have decided not to allow any further extension to Rajawali... which is why [Rajawali] decided to file the arbitration."

The report also noted the purchase of Kensington Plaza in London, initiated by ex-chairman Tan Sri Isa Samad without Felda board approval, at RM331 million whereas market price was only RM128 million at the time. 

The jump in liabilities resulted in Felda's financing costs to increase from an average of RM3 million in 2007-2008 to an average of RM260 million in 2009-2017. Its gearing rose from 0.1 times in 2007 to 1.15 times in 2017.

"However, Felda only received an average of RM400 million a year from FGV, as opposed to RM800 million required per year in the minimum to manage the plantation and to ensure the livelihood of the settlers."

The cabinet has not discussed the way forward for Sarawak portion, says Dr M.