Ex-1MDB CEO: Regardless of IPIC's bond guarantee, govt ultimately liable

Hidir Reduan Abdul Rashid

Modified 16 Jul 2020, 10:23 am

1MDB TRIAL | Although UAE's International Petroleum Investment Co (IPIC) had guaranteed 1MDB's bonds worth US$1.75 billion in 2012, Malaysia was the ultimate guarantor, the Kuala Lumpur High Court heard today.

During cross-examination by ex-premier Najib Abdul Razak's defence counsel Wan Aizuddin Wan Mohammed, former 1MDB CEO Shahrol Azral Ibrahim Halmi testified that 1MDB and IPIC entered into an inter-guarantor agreement in May 2012.

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