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1MDB a profitable Sovereign Wealth Fund (SWF)?
1MDB a profitable SWF?
KUALA LUMPUR, May 29, 2024: In the 1Malaysia Development (1MDB) 200th corruption hearing today against the disgraced and shameless former prime minister Najib Razak, the defence tried to project the so-called Sovereign Wealth Fund (SWF) as profitable.
However, the prosecution’s 49th witness, Malaysian Anti-Corruption Commission (MACC) investigating officer Nur Aida Arifin stood her ground, saying that investments made by 1MDB failed to bring the desired returns.
Lead defence lawyer Shafee Abdullah then posed several more questions in cross-examination before telling trial judge Collin Lawrence Sequerah that the defence team was done with Aida after 16 days of questioning.
“That is heartening news,” the judge remarked in reply.
The trial, which is still at the stage of the prosecution’s case, began on Aug 28, 2019 and today was its 200th hearing day.
No News Is Bad News reproduces below q news report on the court proceedings:
1MDB investment failed to bring desired returns, court told
V Anbalagan-29 May 2024, 06:36 PM
MACC investigating officer Nur Aida Arifin says two power plants had to be sold at a loss and the TRX project required ‘help’ to be completed.
Najib Razak’s 1MDB corruption trial, in which he faces 25 charges of abuse of power and money laundering involving RM2.28 billion, began on Aug 28, 2019 and has entered its 200th hearing day. (Bernama pic)
KUALA LUMPUR: The MACC investigating officer in Najib Razak’s 1MDB corruption trial told the High Court that investments made by the government-linked company failed to bring the desired returns.
Nur Aida Arifin said this when dismissing a suggestion made during cross-examination by lawyer Wan Azwan Aiman Wan Fakhruddin that the state investor was a profitable enterprise.
Wan Azwan pointed to 1MDB’s acquisition of two local power plants and its development of the Tun Razak Exchange (TRX) project here.
The 49th prosecution witness said the power plants had to be sold to a Chinese company to cut losses.
“TRX was supposed to be developed using investors’ money as per a joint venture agreement. However, 1MDB had to seek help from others to realise the project,” she added.
Najib’s lead counsel Shafee Abdullah then posed several more questions in cross-examination before telling trial judge Collin Lawrence Sequerah that the defence team was done with Aida after 16 days of questioning.
“That is heartening news,” the judge remarked in reply.
The trial, which is still at the stage of the prosecution’s case, began on Aug 28, 2019 and today was its 200th hearing day.
Deputy public prosecutor Ahmad Akram Gharib proceeded to re-examine Aida by asking her to verify 81 documents received from Singapore, Hong Kong and Barbados in the course of investigating the case.
Najib is facing 25 charges of abuse of power and money laundering involving RM2.28 billion of 1MDB funds deposited into his AmBank accounts between February 2011 and December 2014.
The hearing continues.
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