News by Ahmad Naqib Idris

The petition was filed against Papparich Group Sdn Bhd (PGSB) by Agathisfour Sdn Bhd over the amount owed by the group and its subsidiaries and related companies to Papparich Malaysia Sdn Bhd and Roti-Roti International Sdn Bhd (RRI).

During the case management today, the Malaysian Anti-Corruption Commission (MACC) gave its assurance that CIMB Bank should be able to release Umno's funds without fearing any legal repercussions from the commission.

Shahrol: It was not something I wanted to read. The authors actually contacted me to ask what I thought about it and asked for some comments.

Article 117 under 1MDB's memorandum and articles of association (M&A) stated that matters such as the appointment of directors, the senior management team as well as matters relating to financial commitments would require then prime minister and finance minister Datuk Seri Najib Razak's approval.

Responding to questions from Najib's lawyer Tan Sri Muhammad Shafee Abdullah, Shahrol said he should not be charged and that he never made a deal with the prosecution and the MACC to testify against Najib.

Lead defence counsel Tan Sri Muhammad Shafee Abdullah alluded during cross-examination today that the Directors Circular Resolution (DCR) pertaining to the conversion of 1MDB's 49% equity stake in PetroSaudi Oil Services Ltd (PSOSL), a subsidiary of PetroSaudi International Ltd (PSI), into fund units was worded in such a way to make it difficult for the board members to understand the processes involved.

In June last year, the MACC initiated a civil forfeiture suit against 41 entities, comprising individuals, companies and political parties under the AMLATFPUA to recover about RM270 million believed to be linked to 1MDB.

The three man bench led by Court of Appeal Judge Datuk Yaacob Md Sam had quashed Zahid’s appeal and upheld the decision made by High Court Judge Collin Lawrence Sequerah.

The panel of judges comprises Court of Appeal judges Datuk Yaacob Md Sam and Datuk Hadhariah Syed Ismail besides High Court judge Datuk Wira Ahmad Nasfy Yasin.

The Court of Appeal has yet to fix a hearing date for the prosecution's or the Malaysian Anti-Corruption Commission's (MACC) appeal.