Latest news with #Shahrol
Free Malaysia Today
22-04-2025
- Business
- Free Malaysia Today
Law firm didn't handle 1MDB's US$1bil transfer to PetroSaudi, court told
Former prime minister Najib Razak is standing trial on 25 counts of money laundering and abuse of power over alleged 1MDB funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014. PUTRAJAYA : A former 1MDB lawyer told Najib Razak's trial that the law firm he was engaged in was not involved in managing the transfer of the company's funds pursuant to a 2009 joint venture entered with PetroSaudi International. Brian Chia said 1MDB had engaged Wong & Partners on Sept 16, 2009, to finalise the US$1 billion joint venture agreement. A draft agreement was prepared by a London law firm. 'All management of the funds, including dealings with the relevant banks and Bank Negara Malaysia, was undertaken by Shahrol (Azral Ibrahim Halmi) and Casey Tang,' Chia told the High Court. Shahrol was 1MDB's CEO at the time, while Tang was its executive director. Chia said he was only notified that a sum of US$300 million was deposited into 1MDB-PSI joint venture's account and that the remaining US$700 million was remitted into an account nominated by PetroSaudi International. He also confirmed that he wrote a memorandum highlighting the legal risk of entering into the joint venture. 'I gave my advice and they decided to pursue this joint venture on the basis that it was a government-to-government investment,' Chia said. The former lawyer said Shahrol was insisting that the joint venture agreement must be finalised and readied for signing by 1MDB and PetroSaudi on Sept 28, 2009. 'It was not for me to question (that decision). I had given my advice and warned them of the risk,' he said. Asked by deputy public prosecutor Ahmad Akram Gharib whether he knew that Shahrol was taking instructions from someone 'higher up', Chia said he was unaware. He told the court he knew Low Taek Jho (Jho Low), as his former firm had done legal work for the fugitive businessman in the past. However, he said he was unaware if Low was responsible for bringing Shahrol to work in 1MDB. Najib is standing trial on 25 charges of abuse of power and money laundering of RM2.28 billion in 1MDB funds deposited into his AmBank accounts between February 2011 and December 2014. The hearing continues before Justice Collin Lawrence Sequerah on April 23.
The Sun
22-04-2025
- Business
- The Sun
Wong & Partners had no role in 1MDB's USD1 billion transfer
PUTRAJAYA: The High Court here today was told that the law firm Wong & Partners, which previously served as legal adviser to 1Malaysia Development Berhad (1MDB), was not involved in handling the transfer of the company's USD1 billion for its 2009 joint venture with PetroSaudi International. 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 pointed out that the transfer was undertaken by 1MDB's chief executive officer (CEO), Datuk Shahrol Azral Ibrahim Halmi and its former executive director of business development, Casey Tang Keng Chee. The 56-year-old Chia, who is testifying as the 23rd defence witness in Datuk Seri Najib Razak's trial involving the alleged misappropriation of RM2.3 billion from 1MDB, said dealings with Bank Negara Malaysia (BNM) for exchange control approvals related to the joint venture were handled by 1MDB. For the record, the USD1 billion was sent in two parts, namely, USD700 million 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 USD300 million 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. 'Upon my arrival in London, I was met by Shahrol and fugitive businessman Low Taek Jho, or Jho Low. 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. 'At the meeting, the broad principles and concept of the joint venture were discussed generally. The joint venture, as discussed, was to be a government-to-government cooperation between Malaysia and the Kingdom of 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 last year, 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 RM2.3 billion in bribes from 1MDB funds and 21 charges of money laundering involving the same amount. The hearing continues tomorrow.
The Star
22-04-2025
- Business
- The Star
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
New Straits Times
22-04-2025
- Business
- New Straits Times
Ex-1MDB CEO insisted on PetroSaudi deal despite warnings, court hears
Rahmat@ PUTRAJAYA: Former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi was insistent on finalising a joint venture agreement (JVA) with PetroSaudi International Ltd (PSI), the High Court heard. A former partner at law firm Wong & Partners, Brian Chia Hock Gee said Shahrol was pushing to ensure 1MDB could sign the agreement with PSI on Sept 28, 2009. He said the firm had provided legal advice to the sovereign wealth fund on Sept 16, 2009, to facilitate the execution of the US$1 billion joint venture deal. Chia said this when testifying in Datuk Seri Najib Razak's corruption trial for misappropriating billions of 1MDB funds before presiding judge Datuk Collin Lawrence Sequerah today. When asked by deputy public prosecutor Ahmad Akram Gharib whether he was aware that Shahrol was acting on instructions from higher-ups, Chia replied in the negative. He said all matters involving fund management including dealings with Bank Negara Malaysia (BNM) were handled by Shahrol and former 1MDB executive director Casey Tang Keng Chee. "Wong & Partners had no role in the payment. We did not manage any funds or handle transactions with the banks involved," he said. Chia, who also headed the firm's corporate and commercial securities practice, added that the firm had no involvement in the transfer of the US$1 billion for the JVA. He said he was only informed that US$700 million had been transferred to a PSI nominee account, while the remaining US$300 million was deposited into the 1MDB-PSI joint venture account. The witness confirmed that he had prepared a legal memorandum outlining the risks involved in entering the joint venture. "I gave my advice, and they decided to proceed on the basis that this was a government-to-government (G2G) investment. "It was not for me to question the arrangement... I had advised them and warned of the risks," he said. Under the agreement, 1MDB was to inject US$1 billion in equity, while PSI would contribute assets valued at US$1.5 billion. However, the transfer of funds was split on 1MDB's instructions, with only US$300 million transferred to the joint venture company, while US$700 million was remitted to Good Star Ltd — a company linked to fugitive businessman Low Taek Jho, or Jho Low. Najib faces four charges of using his position to obtain RM2.3 billion in bribes from 1MDB funds, and 21 charges of money laundering involving the same amount. The trial continues.
