1MDB's law firm had no role in US$1bil transfer for PetroSaudi joint venture, court told
PUTRAJAYA: 1Malaysia Development Berhad's (1MDB) former legal adviser Wong & Partners was not involved in the transfer of US$1bil for its 2009 joint venture with PetroSaudi International, the High Court has been told.
Brian Chia Hock Gee, a former partner at Wong & Partners, said the firm had no role in the payment as it did not handle any funds.
He said the transfer was undertaken by 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi and its former executive director of business development, Casey Tang Keng Chee.
Chia added that dealings with Bank Negara for exchange control approvals related to the joint venture were handled by 1MDB.
The 56-year-old is the 23rd defence witness in Datuk Seri Najib Razak's trial involving the alleged misappropriation of RM2.3bil from 1MDB.
For the record, the US$1bil was sent in two parts, namely, US$700mil went to an account at RBS Coutts, which was later found to belong to Good Star Limited, a company owned by fugitive businessman Low Taek Jho or Jho Low. The remaining US$300mil was transferred to an account at JP Morgan.
Regarding the joint venture agreement, Chia said he attended a meeting in London on Sept 25, 2009, as instructed by Shahrol.
"Shahrol informed me that Jho Low was an adviser to 1MDB. I was instructed by Shahrol to work with Jho Low, Casey, and Shahrol on the matter, which I then did. I attended a meeting at the law firm White & Case, which was representing the PetroSaudi Group in the joint venture.
"The joint venture, as discussed, was to be a government-to-government cooperation between Malaysia and Saudi Arabia involving an oil and gas project. Our role was to assist in the preparation of the documentation for the joint venture agreement," he said.
On Oct 30, 2024, Justice Datuk Collin Lawrence Sequerah ordered Najib to enter his defence after ruling that the prosecution had established a prima facie case against him.
Najib, 71, faces 25 charges, including four counts of abusing his position to accept RM2.3bil in bribes from 1MDB funds and 21 charges of money laundering involving the same amount.
The hearing continues on Wednesday (April 23). – Bernama
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
33 minutes ago
- New Straits Times
Bursa Malaysia opens choppy as caution over US-China talks lingers
KUALA LUMPUR: Bursa Malaysia opened to choppy trading, tracking Wall Street's mixed performance amid ongoing caution over the outcome of US-China trade talks. At 9.40am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged down 0.20 of a point or 0.01 per cent to 1,519.21 from Monday's close of 1,519.41. The benchmark index opened marginally higher by 0.30 of a point at 1,519.71. The broader market was slightly positive, with gainers led losers 241 to 236, while 321 counters were unchanged, 1,560 untraded and 21 suspended. Turnover stood at 530 million units, valued at RM245.87 million. Rakuten Trade Sdn Bhd said the FBM KLCI managed toclimb higher on Monday following a stop-start session as foreign selling still persists. The firm said the local bourse has endured of more than RM11 billion of net foreign outflows year-to-day as most are diverting their attention to the more robust Hong Kong market. "No thanks to Trump's flip-flop tariff policy, consensus have downgraded overall earnings by corporate Malaysia namely the banks hence the lackluster interests on the local equities. "For today, we anticipate the index to trend within the 1,515-1,525 range," it added. Rakuten said Wall Street ended flat with little changes to all three major indices. It said that traders were mostly side-lined while waiting for the outcome from the discussion between China and the US. Amid the prevailing uncertainty, the US 10-year yield slipped to 4.476 per cent. Meanwhile in Hong Kong, the Hang Seng Index reversed last Friday's losses to close above the 24,000 mark as sentiment was boosted by China's May consumer price index though still weak, it is better than expected and could be a prelude for more easing policies from China going forward.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Bursa opens flat with most traders on sidelines
KUALA LUMPUR : Bursa Malaysia traded flat at the opening today as traders mostly stayed on the sidelines amid the prevailing market uncertainty, while awaiting the outcome of trade negotiations between China and the US. At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) tilted down 0.19 of a point to 1,519.22 from Monday's close of 1,519.41. The benchmark index opened at 1,519.71, higher by 0.30 of a point. The broader market was negative, with decliners outpacing gainers 123 to 109. A total of 232 counters were unchanged, 1,905 untraded and 11 suspended. Turnover stood at 105.27 million units, valued at RM53.92 million. MORE TO COME
Free Malaysia Today
an hour ago
- Free Malaysia Today
Ringgit slightly up against US dollar amid cautious sentiment
KUALA LUMPUR : The ringgit opened slightly higher against the US dollar on Tuesday amid caution about the outcome of trade talks between China and the US. At 8 am, the local note made a small rebound to 4.2275/4.2370 against the greenback compared to Monday's close of 4.2290/4.2345. Bank Muamalat Malaysia Bhd's chief economist, Afzanizam Rashid, said the US dollar index (DXY) was down 0.25% to 98.939 points as the US and China trade talks proceeded as planned, with positive indications from US officials about the negotiations. He highlighted that data from China showed the country's trade with the US has been declining significantly, with exports and imports falling 34.5% and 18.1%, respectively, in May. 'The figures represented the second consecutive month of contraction, showing that the tariff shocks have had a significant impact on international trade. Meanwhile, the negative print for China's consumer price index has been ongoing for four consecutive months, with the latest reading standing at minus 0.1% year-on-year in April, indicating a challenging economic outlook given weak demand,' he added. Afzanizam noted that the USD/MYR remained in a narrow range between RM4.231 and RM4.2458 yesterday amid cautious sentiment among traders and investors, with a similar trend expected to continue today. In early trade, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9242/2.9310 from Monday's 2.9344/2.9384, appreciated versus the British pound to 5.7300/5.7428 from 5.7392/5.7466 and gained vis-à-vis the euro to 4.8303/4.8412 from 4.8316/4.8379. The local currency traded mixed against most of its Asean peers. It improved versus the Singapore dollar to 3.2876/3.2952 from 3.2908/3.2953 but fell against the Thai baht to 12.9463/12.9846 from 12.9414/12.9642 on Monday. It traded almost flat vis-à-vis the Indonesian rupiah at 259.4/260.1 from 259.5/260.0 and was unchanged against the Philippine peso at 7.57/7.59.
