Asia Malaysia 1MDB board unaware US$1b split payment meant for JV company

1MDB board unaware US$1b split payment meant for JV company

Shahrol Azral Ibrahim Halmis told the court the then 1MDB chief financial officer Casey Tang advised him this was alright and "we will inform the board afterwards of the circumstances




- Advertisement -

Former 1MDB CEO Shahrol Azral Ibrahim Halmis conceded during cross-examination the 1MDB board was not informed about a decision to split a US$1 billion by 1MDB meant for the 1MDB-Petrosaudi joint-venture company (JVC) into US$300 million and US$700 million.

The board had authorised one lump sum to be paid only to the JV company and in return receive one billion shares.

When asked by ex-PM Najib Razak’s lead counsel Shafee Abdullah who decided to split it contrary to the board’s decision, Shahrol said he agreed to the split on the assumption it was ok and given the fact that alleged Jho (Low) was in close contact with Najib.

“During the (Sept) 26 (1MDB) board meeting, at that time, my frame of mind was, this is something that needs to be done and everything is in order,” he said.

- Advertisement -

Shahrol told the court the then 1MDB chief financial officer Casey Tang advised him this was alright and “we will inform the board afterwards of the circumstances.

The High Court was also told the bigger portion, the US$700 million actually went to Good Star Ltd, a company owned by Jho Low.

The ex-CEO however,  said the BOD’s consent was not obtained before the split due to time constraints and the ‘need to get things done’.

The whole episode about the split of the US$1 billion came after Casey brought a document signed by PSI co-founder and CEO, Tarek Obaid to amend some clauses in the JV agreement.

Shahrol said some amendments include changing the JV bank account from Banca Della Svizerra Italiana (BSI) Bank to JP Morgan and the US$700 million will be payable to PSI.

“It was just a matter of how the payment was made to the JV company. Casey convinced me and in good faith, I accepted that it was not reckless, the decision was made based on what I knew and believed at that time,“ he said when pressed by the defence team on why the split was done.

Send in your scoop to 

- Advertisement -

Almost 8 out of 10 vote PN can’t survive GE 15 without UMNO

Almost eight out of 10 respondents on a Twitter survey voted that Bersatu will not survive GE-15 without UMNO, according to BFM radio survey held this morning (22/2/2021) during its Morning Run programme. Of the 206 voters (respondents) in the final countdown,...

Foodpanda rider called “Blur Sotong” by netizen

Singapore — A Foodpanda rider shared his unfortunate experience with a customer. He took to Facebook on Saturday morning (Feb 20), sharing screenshots of the conversation. Posted by Chan Okada SJ on Friday, 19 February 2021 The rider shared that the customer had asked...

Journalist claims Karen Mok is the only woman Stephen Chow has ever thought of marrying

Hong Kong -- Last year, comedian Stephen Chow's public and ugly legal battle with his former girlfriend over their finances gave a rare peek into the personal life of the fiercely private 58-year-old. It was reported that out of all the women...

Send in your scoop to