BNM, then-governor were last bastion of financial integrity: Najib's lawyer
Hidir Reduan Abdul Rashid
Published: Sep 30, 2024 8:12 PM
1MDB TRIAL | Bank Negara Malaysia (BNM), under its then governor Zeti Akhtar Aziz, failed to raise red flags over the suspicious transfer of US$700 million of 1MDB funds, the Kuala Lumpur High Court heard.
Najib Abdul Razak’s lead counsel Muhammad Shafee Abdullah this afternoon argued that the ex-prime minister has every reason to be dependent on the central bank and Zeti, who were the “last bastion of financial integrity”.
The former premier’s counsel told the criminal court that it was a BNM officer who in 2009 allegedly authorised the money to be transferred out.
Meant for a joint venture between 1MDB and Petrosaudi International Limited (PSI), the US$700 million was in the end diverted to offshore entity Good Star Limited, which was controlled by fugitive businessperson Low Taek Jho (Jho Low).
Najib’s defence team previously contended that the former finance minister had no knowledge of wrongdoing at 1MDB and that embezzlement of its funds was solely masterminded by Low and members of its management.
Former Bank Negara governor Zeti Akhtar Aziz
“My client has every reason to be dependent on Bank Negara and its then governor because of what we regard as the last bastion of financial integrity.
“This became the forceful thrust in our cross-examination of Zeti.
“My client got every right to be expecting any red flags to be raised if financial transactions were in any way suspected as being involved in illegal transactions,” Shafee submitted in today’s RM2.27 billion 1MDB abuse of power and money laundering trial against Najib.
The lead defence counsel pointed out that rather than deliberate for a week before making any decision, the central bank had instead within minutes given the authorisation after a call from 1MDB’s then-CEO Shahrol Azral Ibrahim Halmi.
‘Witnesses unreliable, self-serving, lacking credibility’
Earlier in the proceedings, co-defence counsel Wan Azwan Aiman Wan Fakhruddin argued that around half of the 50 witnesses in the trial were unreliable, self-serving, and lacking credibility.
The counsel cited several witnesses in particular, namely Shahrol, 1MDB’s ex-CEO Mohd Hazem Abd Rahman, its former chief financial officer Azmi Tahir, and its former general counsel Jasmine Loo.
Azwan contended that Shahrol’s overall implausible and contradictory testimony showed he was a puppet of Low.
“My client has every reason to be dependent on Bank Negara and its then governor because of what we regard as the last bastion of financial integrity.
“This became the forceful thrust in our cross-examination of Zeti.
“My client got every right to be expecting any red flags to be raised if financial transactions were in any way suspected as being involved in illegal transactions,” Shafee submitted in today’s RM2.27 billion 1MDB abuse of power and money laundering trial against Najib.
The lead defence counsel pointed out that rather than deliberate for a week before making any decision, the central bank had instead within minutes given the authorisation after a call from 1MDB’s then-CEO Shahrol Azral Ibrahim Halmi.
‘Witnesses unreliable, self-serving, lacking credibility’
Earlier in the proceedings, co-defence counsel Wan Azwan Aiman Wan Fakhruddin argued that around half of the 50 witnesses in the trial were unreliable, self-serving, and lacking credibility.
The counsel cited several witnesses in particular, namely Shahrol, 1MDB’s ex-CEO Mohd Hazem Abd Rahman, its former chief financial officer Azmi Tahir, and its former general counsel Jasmine Loo.
Azwan contended that Shahrol’s overall implausible and contradictory testimony showed he was a puppet of Low.
Ex-1MDB CEO Shahrol Azral Ibrahim Halmi
The lawyer argued that Hazem’s claim of being reluctant and forced to join 1MDB lacked credibility as there was a monthly salary bump from RM38,000 (when the witness was with Sime Darby) to RM65,000 (when CEO of 1MDB).
Azwan pointed out that during cross-examination, it was revealed Hazem wanted to remain in his CEO position until Arul Kanda Kandasamy’s then appointment as 1MDB president effectively demoted him (Hazem).
“Hazem was also Low’s lackey. Like Shahrol, if Low asked Hazem to jump, he would reply ‘how high’,” the lawyer told trial judge Collin Lawrence Sequerah.
Azwan made similar oral submissions over the alleged unreliability of Azmi and Loo, reiterating that 1MDB’s former general counsel was “more than happy” to take instructions from Low, who is at large.
Hearing before Sequerah continues tomorrow and is scheduled until Friday this week.
Najib’s 25 charges
Najib is on trial over 25 counts encompassing abuse of power and money laundering of RM2.27 billion funds from 1MDB.
For the four abuse of power charges, the former Pekan MP allegedly committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
The lawyer argued that Hazem’s claim of being reluctant and forced to join 1MDB lacked credibility as there was a monthly salary bump from RM38,000 (when the witness was with Sime Darby) to RM65,000 (when CEO of 1MDB).
Azwan pointed out that during cross-examination, it was revealed Hazem wanted to remain in his CEO position until Arul Kanda Kandasamy’s then appointment as 1MDB president effectively demoted him (Hazem).
“Hazem was also Low’s lackey. Like Shahrol, if Low asked Hazem to jump, he would reply ‘how high’,” the lawyer told trial judge Collin Lawrence Sequerah.
Azwan made similar oral submissions over the alleged unreliability of Azmi and Loo, reiterating that 1MDB’s former general counsel was “more than happy” to take instructions from Low, who is at large.
Hearing before Sequerah continues tomorrow and is scheduled until Friday this week.
Najib’s 25 charges
Najib is on trial over 25 counts encompassing abuse of power and money laundering of RM2.27 billion funds from 1MDB.
For the four abuse of power charges, the former Pekan MP allegedly committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
Former 1MDB general counsel Jasmine Loo
On the 21 money laundering counts, the 71-year-old was accused of committing the offences at the same bank between March 22 and Aug 30, 2013.
The accused was first charged on Sept 20, 2018, and his criminal trial began on Aug 28, 2019.
The prosecution closed its case on May 30 this year, six years after the former prime minister was first charged.
The proceedings are now in the oral submissions stage, which involves no witness testimonies, only legal teams summing up whether the oral and documentary evidence implicates or exonerates Najib.
Fifty witnesses took the stand for the prosecution, among them Loo, Shahrol, Hazem, former 1MDB chairperson Mohd Bakke Salleh, and Zeti.
On the 21 money laundering counts, the 71-year-old was accused of committing the offences at the same bank between March 22 and Aug 30, 2013.
The accused was first charged on Sept 20, 2018, and his criminal trial began on Aug 28, 2019.
The prosecution closed its case on May 30 this year, six years after the former prime minister was first charged.
The proceedings are now in the oral submissions stage, which involves no witness testimonies, only legal teams summing up whether the oral and documentary evidence implicates or exonerates Najib.
Fifty witnesses took the stand for the prosecution, among them Loo, Shahrol, Hazem, former 1MDB chairperson Mohd Bakke Salleh, and Zeti.
Fugitive businessperson Jho Low
Prosecutors claimed that Najib received RM2.27 billion misappropriated from the troubled sovereign wealth fund between 2011 and 2014.
However, Najib’s defence team contended that the former premier had no knowledge of any wrongdoing at 1MDB and that wrongdoing was solely masterminded by Low and members of the fund’s management.
The former finance minister also previously contended that the late King Abdullah of Saudi Arabia promised the accused financial donation for political purposes.
Deputy public prosecutors Kamal Baharin Omar and Ahmad Akram Gharib prosecuted.
Prosecutors claimed that Najib received RM2.27 billion misappropriated from the troubled sovereign wealth fund between 2011 and 2014.
However, Najib’s defence team contended that the former premier had no knowledge of any wrongdoing at 1MDB and that wrongdoing was solely masterminded by Low and members of the fund’s management.
The former finance minister also previously contended that the late King Abdullah of Saudi Arabia promised the accused financial donation for political purposes.
Deputy public prosecutors Kamal Baharin Omar and Ahmad Akram Gharib prosecuted.
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