News by Ahmad Naqib Idris

Merge Energy executive chairman Datuk Mohamad Haslah Mohamad Amin said the group is now on better financial footing, as the new shareholders of the group have successfully cleaned up the company's operations over the past six months. #myedgeprop

Lawyer Tan Sri Muhammad Shafee Abdullah yesterday showed Shahrol — the prosecution’s 9th witness — two secondary subscription agreements dated May 18, 2009, between AmBank and Aktis and Country Group, wherein the two companies committed to RM700 million and RM3.8 billion of the bonds respectively.

Asked if Low and Lee shared a close relationship, the witness said they seemed like "they knew each other" from his own limited observation.

“We would have raised enough funds to cover the debts that were incurred. We could have gotten our RM1.37 billion security deposit back and used that money to expand the energy business.”

Agrees with the defence’s suggestion that he does not blame former prime minister Datuk Seri Najib Razak for trusting fugitive financier Low Taek Jho and Casey Tang Keng Chee, which was former 1MDB executive director of business development.

The prosecution, led by Mohammad Al-Saifi Hashim, had proposed for the trial to be pushed for a later date as the dates previously set (Nov 18 to 29 and Jan 13 to 17, 2020) would clash with some of the dates in the 1MDB trial.
 

The company claimed that there were certain misrepresentation of facts in the public statements made by Shahrir.

Shahrol, formerly the CEO and director of 1MDB, said he was not privy to the details related to Brazen Sky as it was managed by 1MDB general-counsel Jasmine Loo, CFO Azmi Tahir and deputy CFO Terence Geh, who were all appointed as directors of Brazen Sky.

"This was because all dealings of 1MDB that relate to financial matters would require his approval beforehand, in line with Article 117 of the memorandum and articles of association of 1MDB."

The company ended up not developing the international financial district.