FIC acting chief financial officer Azlan Mohamed Ismail said the FIC board of directors sought a reassessment of the hotel purchase in 2017 following allegations it was bought at an inflated price.
Asked if Low and Lee shared a close relationship, the witness said they seemed like "they knew each other" from his own limited observation.
The group secured its shareholders' approval to buy two teak tree plantation lands, measuring 364.79 hectares, worth RM89.2 million, located in Kelantan, from Alifya Forestry Sdn Bhd.
"Through my engagement with oil companies, the forecast of the price of oil will be around US$50 to US$60 a barrel," he said.
Shahrol testified that he had told Jho Low of his lack of experience in fundraising prior to his appointment as CEO in 1MDB — then TIA.
Mahathir said in Parliament today it is not appropriate for the country to change its tax system too frequently because it will affect investors' confidence and give them a poor image of the country.
Econpile expects the contract to contribute positively to its revenue and earnings for the financial year ending June 30, 2020.
As such, trading of securities in YTL Land will be suspended by Bursa Securities from next Monday (Oct 14), being the expiry of five market days from the final closing date.
In relation to the issuance of the US$1.75 billion 1MDB bond by the US investment bank in 2012 for the acquisition of Genting Sanyen Power Sdn Bhd.
Shahrol said the reason for this communication method — records of which Shahrol has deleted — was because Jho Low once told him: "We don't know who we can trust, we need to protect the boss [Najib], keep it secure."
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