KUALA LUMPUR: Former 1MDB CEO Mohd Hazem Abdul Rahman told the Supreme Court in the trial of Najib Razak that part of the $ 3 billion raised for the Tun Razak Exchange (TRX) and Bandar Malaysia projects was spent on land acquisition in Ayer Itam, Penang for the construction of low-cost housing.
He said that during the 2013 general election campaign, the former prime minister had announced that the land would be developed by 1MDB.
“The funds generated by the $ 3 billion bonds were spent as part of an initiative by Umno for their election campaign.
“However, we (1MDB) had never discussed this land acquisition in Penang in our meetings. The funds were intended for TRX, “said Hazem.
The witness added that after taking over responsibility at 1MDB, he became aware that the projects assigned to him were merely “vehicles” for fundraising purposes.
Hazem also testified that these projects were planned by runaway businessman Low Taek Jho (Jho Low).
The court heard that Goldman Sachs helped subsidiary 1MDB 1MDB Global Investment Ltd raise $ 3 billion by issuing bonds.
Hazem told the court today that 1MDB took US $ 2.71 million from the bonds, with Goldman Sachs remaining paid to cover their fees and other costs.
In addition to Ayer Itam land, he said part of the $ 2.71 billion raised was also used to pay off the 1MDB debt with Standard Chartered, which totaled RM 2 billion.
“Sometime in March 2013, Jasmine (Loo Ai Swan) told me that the funds would be invested in BSI Bank Singapore,” he said, referring to the then 1MDB general adviser.
Earlier today, Hazem said Low had also suggested to 1MDB Global Investment to open an account at BSI Bank in 2013 so that the money collected from the bonds could be deposited there.
He added that the account opening process was done through Loo, while Low told him and the chief financial officer, Azmi Tahir to be the signatories of the account.
“I should note that Azmi and I were merely signatories to the bank accounts and company documents while Jasmine and Terence (Geh Choh Heng) were the ones directing the show,” he said, referring to the company’s chief financial officer.
The witness added that Loo informed him that the money held in BSI Bank would be invested in three fund companies respectively, the Devonshire Capital Growth Fund, the Enterprise Emerging Market Fund and the Cistenique Investment Fund.
Hazem also said in September 2013, 1MDB wanted to buy an independent power producer from an energy company, Jimah Energy Ventures Sdn Bhd, and that this would cost the company about RM 1 billion.
“I contacted Jho Low, telling him we had to have funding from abroad for Jimah. He told me the money could not be touched as it was Umno funds.
“After hearing this, I realized that Datuk Seri Najib controls the finances for Umno,” he said.
Najib was hit with 25 counts of abuse of power and money laundering for alleged 1MDB funds totaling RM 2.28 billion deposited in his AmBank accounts between February 2011 and December 2014.
The hearing continues before High Court Judge Collin Lawrence Sequerah.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]