The investigating officer in Najib Razak's 1MDB case, Nur Aida Arifin from the Malaysian Anti-Corruption Commission (MACC), revealed in court that the former prime minister prohibited the CEO of 1MDB at that time, Hazem Abdul Rahman, from accessing the funds raised for the development of the Tun Razak Exchange (TRX).
The funds, totaling US$3 billion, were raised through a bond issue by Goldman Sachs specifically for the TRX project, following a joint venture between 1MDB and Aabar Investment PJS in 2012. According to Aida's findings, Najib instructed Hazem not to utilize the US$3 billion for TRX, but instead allowed the funds to be invested in an investment fund under BSI Bank. This decision meant that Hazem, as the CEO, had no control over the funds. Hazem repeatedly requested Najib, through Azlin Alias and Che Lodin Wok Kamaruddin, to return the funds for 1MDB's daily operations.
Notably, Jho Low (Low Taek Jho), a key figure in the 1MDB scandal, informed Hazem that repatriating the funds was not possible as they were intended for Umno's election funds. Hazem had previously testified that Low informed him that 1MDB was established to support Umno in obtaining political funds. His lack of control over the company's financial matters led him to resign in 2015. The proceedings are ongoing before Justice Collin Lawrence Sequerah.
In the overall context of the 1MDB scandal, Najib has been charged with 25 counts of abuse of power and money laundering related to alleged 1MDB funds amounting to RM2.28 billion that were deposited into his AmBank accounts between February 2011 and December 2014. This information sheds light on allegations regarding the mishandling of funds raised for the development of the TRX project by Najib Razak during his tenure as Malaysia's prime minister.
The revelation that the funds were diverted to an investment fund instead, with control kept away from the 1MDB CEO, paints a picture of potential misconduct and misuse of public funds. The court proceedings aim to determine the truth of these allegations and hold those responsible accountable.
Source: Link
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