{"id":47264,"date":"2019-10-21T14:45:38","date_gmt":"2019-10-21T06:45:38","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=47264"},"modified":"2019-10-21T14:45:40","modified_gmt":"2019-10-21T06:45:40","slug":"1mdb-trial-directors-were-in-the-dark-about-us700-mil-loan-agreement","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=47264","title":{"rendered":"1MDB Trial: Directors were in the dark about US$700 mil loan agreement"},"content":{"rendered":"\n<p>KUALA LUMPUR, Oct 21 (NNN-BERNAMA) &#8212; The High Court here today was told that the 1Malaysia Development Berhad (1MDB) board of directors (BOD) did not know about the US$700 million loan agreement signed by the 1MDB-PetroSaudi International Ltd joint venture company (JVC) in\u00a02009, prior to the actual joint venture agreement between both sovereign wealth funds.<\/p>\n\n\n\n<p>Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi, 49, who&nbsp;disclosed the matter however, said that he was not involved in the discussions of the particular loan agreement deal.<\/p>\n\n\n\n<p>He was cross-examined by Datuk Seri Najib Tun Razak\u2019s lawyer Tan Sri Muhammad Shafee Abdullah, on the&nbsp;<strong>25th<\/strong>&nbsp;day of the former premier&#8217;s 1MDB trial.<\/p>\n\n\n\n<p>Muhammad Shafee: The board never knew of this agreement entered into on Sept 29 2009, prior to the JV agreement?<\/p>\n\n\n\n<p>Shahrol Azral: Correct.<\/p>\n\n\n\n<p>Muhammad Shafee: If this loan agreement had been presented to the board, they would not have agreed to the terms? Shahorl Azral replied &#8220;I would agree with that&#8221;.<\/p>\n\n\n\n<p>When asked why he did not check the matter with Najib, the ninth prosecution&nbsp;witness said the whole thing was managed by Casey Tang (1MDB executive director) and he assumed Casey with his superior experience, would ensure everything was in order.<\/p>\n\n\n\n<p>To another question, the witness agreed that he has never actually seen the loan agreement during his tenure at 1MDB from 2009 until 2016.&nbsp;<\/p>\n\n\n\n<p>&#8220;I was shown this document (agreement) during the investigation, I can\u2019t remember whether I saw it in 2009,&#8221; he added.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1024\" height=\"614\" src=\"http:\/\/www.namnewsnetwork.org\/wp-content\/uploads\/2019\/08\/najib-1mdb-trial-1024x614.jpg\" alt=\"\" class=\"wp-image-39591\" srcset=\"http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2019\/08\/najib-1mdb-trial-1024x614.jpg 1024w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2019\/08\/najib-1mdb-trial-300x180.jpg 300w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2019\/08\/najib-1mdb-trial-768x460.jpg 768w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2019\/08\/najib-1mdb-trial.jpg 1839w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Najib, 66, faces four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.<\/p>\n\n\n\n<p>Hearing before Judge Collin Lawrence Sequerah continues on Thursday.<\/p>\n\n\n\n<p>&#8211;NNN-BERNAMA<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KUALA LUMPUR, Oct 21 (NNN-BERNAMA) &#8212; The High Court here today was told that the 1Malaysia Development Berhad (1MDB) board of directors (BOD) did not know about the US$700 million loan agreement signed by the 1MDB-PetroSaudi International Ltd joint venture company (JVC) in\u00a02009, prior to the actual joint venture agreement between both sovereign wealth funds. [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":39591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/47264"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47264"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/47264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/39591"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47264"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}