September 23, 2019

Goldman Was Picked as Adviser for 1MDB Precursor, Witness Says
(Bloomberg) -- Former Malaysian leader Najib Razak is facing the biggest set of charges yet in his second 1MDB trial, which is set to shed light on the troubled state fund’s billion-dollar bond deals and acquisitions.The current case centers around 25 charges, including accusations he received bribes linked to state support for $3 billion of 1MDB debt sales and allegations he accepted gratuity involving a $1 billion joint venture with PetroSaudi International Ltd. His lawyers have argued he was misled by others, including fugitive financier Jho Low. Najib has pleaded not guilty to all 42 charges he faces for his alleged role in 1MDB.Key DevelopmentsNajib’s first trial may conclude as soon as November as the judge is set to decide whether to call on the defense then or move on to delivering a verdictThe current witness is Shahrol Azral Ibrahim Halmi, former CEO at 1MDB and Terengganu Investment Authority, the fund that later became 1MDBGoldman Sachs Group Inc.’s lawyer is holding a watching brief at the trial, after Malaysia charged the bank’s current and former directors, including Vice Chairman Richard J. Gnodde and John Michael Evans, now president of Alibaba Group Holding Ltd.Goldman was picked as adviser to 1MDB’s precursor (Sept. 23)The board of Terengganu Investment Authority, known as TIA, picked Goldman Sachs as an adviser in the creation of the fund that would become 1MDB, witness Shahrol said, citing minutes of a meeting in April 2009. The meeting was held up as they had to wait for Jho Low, without whom the discussion couldn’t continue given Low’s “important role,” he said.The U.S. bank later advised TIA to open an account at AmIslamic Bank Bhd., Shahrol said without giving a reason.Separately, TIA was helped in its early days by Utama Banking Group Bhd., indirectly controlled by then-Sarawak Chief Minister Abdul Taib Mahmud, the witness said. Fugitive Casey Tang, who later joined 1MDB, worked at Utama Banking and aided TIA despite the fund having no credit line at the time, Shahrol said.Witness says Najib offered China projects for 1MDB help (Sept. 4)Witness Amhari Efendi Nazaruddin testified that the ex-premier offered projects to China in exchange for help resolving 1MDB’s debt.Fugitive financier Jho Low represented Najib in the meeting with China’s State-owned Assets Supervision and Administration Commission, or SASAC, said Amhari, a former aide to Najib. Low and Najib planned to use agreements with Chinese state-linked companies to bail out 1MDB’s debt, he said.Jho Low held “extraordinary powers” in Najib’s office (Sept. 3)Witness Amhari said Jho Low held outsize authority in government-to-government talks, 1MDB dealings and funding for the former premier. Amhari said he attended multiple meetings with Low and the late Azlin Alias, who was private secretary to Najib, at a hotel in Kuala Lumpur.The meetings discussed 1MDB matters including a shortlist for its board of directors and Terengganu Investment Authority, or TIA, the precursor to the troubled state fund. Amhari said he and Azlin would be quarantined for 30 minutes to an hour before meeting with Low, who was always late and in a rush. Low was the one to organize the sessions, and he would tell them that he had met with Najib who agreed to the instructions he gave them, the witness said.“Jho is Najib’s trusted person, which is why Najib did not need to attend the meetings,” Amhari said on the witness stand.In a session at his house, Low described how TIA would be modeled on Abu Dhabi’s sovereign wealth fund Mubadala Investment Co. and invest overseas to earn returns for Malaysian economic and social projects, the witness said.Further ReadingNajib Offered Projects to China for 1MDB Help, Witness Says (2)How Malaysia’s 1MDB Scandal Shook the Financial World: QuickTakeThe Long List of Charges Against Najib as 1MDB Trial Kicks OffTo contact the reporter on this story: Hadi Azmi in Kuala Lumpur at klnews@bloomberg.netTo contact the editors responsible for this story: Yudith Ho at yho35@bloomberg.net, Chan Tien HinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
Olivia Munn Reveals Breast Cancer Diagnosis and Double Mastectomy Procedure | E! News
March 13, 2024
kUaEV1Kd3S0
Travis Kelce Shares Details From His Trip to Singapore With Taylor Swift | E! News
March 13, 2024
3YXi-Dgf4eg
Kate Middleton VIRAL Photo: Agency Addresses Photoshop Claims | E! News
March 13, 2024
S4VkO0TpkCY
Da'Vine Joy Randolph Plays 'Smash or Pass' With Iconic Moments From Her Career
March 13, 2024
vkPdJEF2BX4
Jean Smart Wears a Hotel Bathrobe to Present an Award to Hannah Einbinder l Power of Comedy SxSW
March 12, 2024
Bw7uVEYQev4
Lenny Kravitz Walk of Fame Ceremony
March 12, 2024
MlWq8BcnwhE
Dak Prescott Extortion Plot & Steph Curry for President? | TMZ Sports Full Ep - 3/12/24
March 13, 2024
jHFsrjs7OFY
A Japanese space rocket blew up after takeoff Tuesday, turning the sky into a fireball of smoke.
March 13, 2024
YkfJ3Qg8B7c
#KimKardashian and #BiancaCensori hung out at #KanyeWest's listening party Tuesday night!
March 13, 2024
EfwLLq6bx9k
‘Pioneer Woman’ Ree Drummond denies using Ozempic to lose 60 pounds
March 13, 2024
Omfjk1AlZ3A
Chrissy Teigen reveals her ‘boob lift scars’ in daring dress at Jay-Z & Beyoncé’s Oscars 2024 party
March 13, 2024
VxZ2qXAlpmU
Zoë Kravitz pokes fun at dad Lenny Kravitz's style during Hollywood Walk of Fame speech
March 13, 2024
j3-lcFu_1sQ
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
17
Mar
GERMANY: Bundesliga
SC Freiburg - Bayer Leverkusen
17
Mar
USA: Major League Soccer
Atlanta United - Orlando City
17
Mar
ENGLAND: Premier League
West Ham United - Aston Villa
17
Mar
SPAIN: La Liga
Rayo Vallecano - Real Betis
17
Mar
ENGLAND: Championship
Leeds - Millwall
17
Mar
SPAIN: La Liga
Las Palmas - Almeria
17
Mar
SPAIN: La Liga
Villarreal - Valencia
17
Mar
SPAIN: La Liga
Sevilla - Celta Vigo
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
11
Mar
ENGLAND: Premier League
Chelsea - Newcastle United
10
Mar
ENGLAND: Premier League
Liverpool - Manchester City
10
Mar
SPAIN: La Liga
Real Madrid - Celta Vigo
10
Mar
ENGLAND: Premier League
Aston Villa - Tottenham Hotspur
10
Mar
ITALY: Serie A
Juventus - Atalanta
10
Mar
ITALY: Serie A
Fiorentina - Roma
10
Mar
ITALY: Serie A
AC Milan - Empoli
09
Mar
GERMANY: Bundesliga
Werder Bremen - Borussia Dortmund
09
Mar
ENGLAND: Premier League
Arsenal - Brentford
09
Mar
ITALY: Serie A
Bologna - Inter Milan
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.