News by Adam Aziz

Shahrol also said 1MDB was given a mandate by Najib, through Jho Low, to undertake the JV, which was deemed as a G2G initiative that "needed to be done".

Today, the trial will continue its 22nd day, with former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi — the ninth prosecution witness — due for his cross-examination for the sixth day.

This is because the letters and documents contained Shahrol's signature and not Jho Low's.

"(The prosecution was) supposed to have given us a response by today."

It should be noted that Prasarana and SMRT have not inked a joint venture agreement, originally scheduled for June 30, 2018.

According to previous witness Datuk Amhari Efendi Nazaruddin, in 2009, a representative of Istana Negara had refuted Jho Low's claim that he was an adviser of the Agong, who was then Sultan Mizan Zainal Abidin of Terengganu.

On May 27, 2009, two companies linked to the fugitive financier acted as secondary subscribers to the strategic development fund's RM5 billion Islamic Medium Term Notes (IMTN) and subscribed to RM4.5 billion at a discount via AmBank.

"However, 1MDB was not told that the initial secondary subscribers — which subscribed to RM4.5 billion — were Aktis Capital Singapore Pte Ltd and Country Group Securities Pcl — which bought the bonds at a discount, prior to flipping them over to its current holders at par value and possibly premium."

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.

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.