"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.
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."
Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi: It became a problem when Najib became the sole shareholder in 1MDB and there were a lot of 'dengki' (envy) [among people within Umno] over Jho Low's influence and access to Datuk Seri Najib.
Datuk Shahrol Azral Ibrahim Halmi concedes before the High Court today that the beleaguered state-owned fund was not the ‘baby’ of Datuk Seri Najib Razak as its inception was not mooted by the former prime minister.
Najib’s lead attorney Tan Sri Muhammad Shafee Abdullah is expected to conduct the cross-examination, which may extend until next week.
While the charges against Zahrah and Abdulazeez were read separately, Justice Azura, however, allowed the application by deputy public prosecutor (DPP) Allan Suman Pillai for a joint trial.
This comprised "RM80,000 plus" in monthly salary amounting to over RM960,000 for the year, an 18-month bonus of more than RM1.44 million, plus an annual allowance of RM179,000 for sitting on the board of directors of the beleaguered state-owned fund.
"... But these cheques were never meant to be encashed and were never encashed ..."
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