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Najib blames CEO and 1MDB management for RM4.4b loss!
KUALA LUMPUR, Dec 4, 2024: Disgraced and shameless former prime minister Najib “1MDB” Razak today told the High Court that the Sovereign Wealth Fund (1Malaysia Development Berhad)’s management should be blamed for the US$1 billion (RM4.4 billion) loss!
Wasn’t the jailbird the 1MDB boss in the management?
Perhaps it is appropriate to send the unrepentant kleptocrat to have a medical psychiatry evaluation.
He argued that 1MDB’s former CEO Shahrol Azral Ibrahim Halmi and the company’s management team must be held accountable.
Now, can and can anyone believe that, the CEO and management can do whatever it can without the prime minister’s approval involving billions of US$ and Ringgit?
Najib also argued that Shahrol and 1MDB’s management must be held accountable.
That’s exactly right! Then, what about himself? The prime minister does not need to be accountable nor responsible? Or is he just trying to pass the buck or find a scapegoat?
What the heck!
No News Is Bad News reproduces below a news report on the court proceedings:
Blame 1MDB management for US$1bil loss, says Najib
-04 Dec 2024, 01:07 PM
Najib Razak says 1MDB’s former CEO Shahrol Azral Ibrahim Halmi and the company’s management team must be held accountable.
Najib Razak is charged with 25 counts of money laundering and abuse of power over alleged 1MDB funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014. (Bernama pic)
KUALA LUMPUR: Former prime minister Najib Razak told the High Court today that he could not be held responsible for the US$1 billion loss 1MDB suffered in a failed joint venture with PetroSaudi International (PSI).
He said responsibility for the loss should fall on former CEO Shahrol Azral Ibrahim Halmi and the company’s management team, as they were ready to seal the joint venture in September 2009.
“Bakke (Salleh) and Shahrol were (even) appointed to be 1MDB’s representatives in the joint venture company and they also agreed to open a joint bank account.
“The prosecution’s contention that it was my direction that forced them to enter this joint venture is disingenuous,” Najib said, referring to the testimony of Bakke, the company’s former chairman.
The court previously heard that 1MDB was required to invest US$1 billion in the joint venture, and that the funds were supposed to be deposited in a joint account with PSI.
However, only US$300 million was moved into the account. The balance was diverted to an account owned by Good Star Limited, a company controlled by fugitive businessman Low Taek Jho.
Bakke also testified that Najib had told him during a telephone conversation prior to a board meeting on Sept 18, 2009 that he would like 1MDB’s board to “firm up” a decision on the proposed PSI joint venture.
He said Najib had during that conversation shown a “strong interest” in pushing through with the joint venture.
In his testimony today, Najib said the prosecution was reading too much into his telephone conversation with Bakke.
He denied taking a personal interest in the joint venture or directing Bakke to seal the deal with PSI.
“The only interest I had was national interest,” said Najib.
He also said his intention was simply to have the board define and delineate the joint venture’s terms.
“If such a directive had been given, Bakke who prides himself on good corporate governance would have ordered it to be recorded (in the meeting minutes). This so-called phone conversation and directive were curiously absent,” he said.
Najib is standing trial on 25 counts of money laundering and abuse of power over alleged 1MDB funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014.
The hearing before Justice Collin Lawrence Sequerah continues.
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Najib ‘disheartened’ by testimony of ex-colleague Husni
-04 Dec 2024, 01:58 PM
The former prime minister says Ahmad Husni Hanadzlah was angry that a highway project in which his son was involved failed to secure governmental approval.
Najib Razak claimed Ahmad Husni Hanadzlah was unhappy over an intended change in portfolio as he wanted to remain second finance minister.
KUALA LUMPUR: Former prime minister Najib Razak today said he was “disheartened” by former Cabinet colleague Ahmad Husni Hanadzlah’s testimony against him at his 1MDB trial.
Testifying in his defence to charges of abuse of power and money laundering, Najib said Husni’s claim of being sidelined in 1MDB matters was “untrue”.
“He was someone that I personally selected to serve as second finance minister and Umno treasurer. To hear accusations from someone I entrusted with an important role is painful,” said Najib.
The former prime minister also said he was “disappointed” when Husni tendered his resignation from Cabinet.
Husni was second finance minister from 2009 until his resignation in 2016.
Asked by defence counsel Shafee Abdullah why Husni had appeared angry in court, Najib said: “I can only believe it was because I wanted to transfer him to other ministries. He wanted to remain as second finance minister.”
He said Husni might also have been unhappy because a highway project in which his son Khalid was involved did not go through.
“The system doesn’t allow you to accede to everyone’s requests. You are always blamed for everything,” said Najib.
Najib is standing trial on 25 counts of money laundering and abuse of power over alleged 1MDB funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014.
The hearing continues before Justice Collin Lawrence Sequerah.
Ismee unfairly implicated me in 1MDB’s joint venture woes, says Najib
-04 Dec 2024, 06:22 PM
The former prime minister also challenged the veracity of certain documents, claiming the signatures attributed to him looked ‘weird’.
Former prime minister Najib Razak (left) expressed disappointment with the testimony given by former 1MDB director Ismee Ismail.
KUALA LUMPUR: Najib Razak told the High Court here that a former 1MDB director had unfairly implicated him in a decision to dispose of the company’s stake in a failed joint venture.
Testifying at his 1MDB trial, the former prime minister expressed disappointment with the testimony given by prosecution witness Ismee Ismail.
“I never expected such a distortion of truth from someone like him whom I have always regarded as a man of integrity who upholds Islamic principles.
“It is not what I would expect from someone I held in such high regard,” said Najib.
The court previously heard that 1MDB had in 2009 stumped out US$1 billion for a 40% stake in the joint venture, with PetroSaudi International (PSI) holding the remaining 60% interest.
The funds were later converted into Islamic murabaha notes.
1MDB paid another US$830 million between 2010 and 2011 for the same purpose and by 2012, the notes were said to be worth US$2.22 billion.
The prosecution contends that by the following year, 1MDB’s stake in the joint venture had become worthless.
Najib also disputed some of the documents tendered at trial, saying the signature attributed to him on a shareholder’s resolution and the minutes of a meeting held on March 22, 2010, looked weird and suspicious. He claimed he did not sign either document.
He also claimed officers from the Malaysian Anti-Corruption Commission did not show him the documents during investigations, adding that he would have questioned their veracity had they done so.
Najib is standing trial on 25 charges of money laundering and abuse of power over 1MDB funds amounting to RM2.28 billion allegedly deposited into his AmBank accounts between February 2011 and December 2014.
The hearing continues before Justice Collin Lawrence Sequerah tomorrow.
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