AmBank purposely hid facts on bond subscribers from 1MDB: Witness

09 Oct 2019 / 15:03 H.

KUALA LUMPUR: The High Court here today was told that AmBank Group purposely hid facts from 1Malaysia Development Berhad (1MDB) on Aktis Capital and Country Group being secondary subscribers of 1MDB bonds in 2009.

Former chief executive officer of 1MDB Datuk Shahrol Azral Ibrahim Halmi (pix) told the court this but refused to speculate on why the bank wanted to do so.

The ninth prosecution witness said this when cross-examined by Tan Sri Muhammad Shafee Abdullah, the defence counsel for Datuk Seri Najib Abdul Razak, on the 19th day of the former prime minister’s trial relating to 1MDB funds.

Muhammad Shafee: So you are going on record that you were never informed by Ambank Group that Aktis and Country Group were involved as secondary subscribers?

Shahrol Azral: Yes.

Muhammad Shafee: Although now you know, we got the agreement which will be tendered in court?

Shahrol Azral: Although I know now.

The 49-year-old witness then agreed to Shafee’s suggestion that given the hindsight of the situation now, AmBank had purposely hidden the facts.

The court also heard that fugitive businessman Low Taek Jho or Jho Low was behind Aktis Capital and Country Group.

Earlier, the witness testified that the 1MDB board of directors had summoned AmBank to explain why 1MDB only received RM4.3 billion for its RM5 billion Islamic medium-term notes (IMTN), instead of its face value.

Shahrol also said the presentation by an AmBank officer to the board did not reveal about Aktis and Country Group being 1MDB’s secondary bond subscribers.

“We were only told that 1MDB bonds were subscribed by the EPF, Socso and insurance companies,“ he said.

Najib, 66, faces four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.

Hearing before Judge Collin Lawrence Sequerah continues, with senior deputy public prosecutor and former Federal Court judge Datuk Seri Gopal Sri Ram leading the prosecution. — Bernama

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