Ex-CEO: Jho Low's direction on 1MDB didn't always make financial sense
1MDB TRIAL | Low Taek Jho’s directions on 1MDB did not always make financial sense, the sovereign wealth fund’s former chief executive officer (CEO) Mohd Hazem Abdul Rahman claimed today.
At the Kuala Lumpur High Court, the 10th prosecution witness testified this in regard to the wanted businessperson’s emailed directions on the management of 1MDB...
1MDB TRIAL | Low Taek Jho’s directions on 1MDB did not always make financial sense, the sovereign wealth fund’s former chief executive officer (CEO) Mohd Hazem Abdul Rahman claimed today.
At the Kuala Lumpur High Court, the 10th prosecution witness testified this in regard to the wanted businessperson’s emailed directions on the management of 1MDB.
Previously on Feb 8, Hazem testified that Low, through emails sent to him, had “run” the sovereign wealth fund especially in its areas of investment.
Hazem today was giving oral evidence during the RM2.28 billion corruption trial of former prime minister Najib Abdul Razak.
During cross-examination, lead defence counsel Muhammad Shafee Abdullah was asking Hazem whether Low’s emailed talking points to the witness made sense or otherwise.
Shafee: You have observed Low’s advice on talking points and so on. As a CEO with experience in the corporate field, how do you judge his advice? Was it brilliant, average, acceptable? Was it bizarre and did not appeal to common sense?
Hazem: Generally speaking, his (Low) advice had something to do with things that required high speed (to implement). Some made sense and some may not have made a lot of sense from a financial point of view.
Shafee: You recognise that some advice was acceptable and some did not appeal to your financial sense?
Hazem: Yes.
The witness added that he and Low had at times argued over these directions that did not make financial sense, either through Blackberry Messenger chats or face-to-face meetings.
Hazem conceded that despite all that, Low rarely changed his mind over these types of directions.
On where the witness conducted these face-to-face meetings with Low, Hazem testified it was at the fugitive’s apartment at 3 Kia Peng in Kuala Lumpur.
Back in Sept 18, 2019, Najib’s former aide Amhari Efendi Nazaruddin testified that he led the MACC raiding party to the apartment, where he claimed to have met Low.
The eighth prosecution witness testified that he met Low in this area where the businessperson would explain to him complex deals on an electronic whiteboard.
The trial before judge Collin Lawrence Sequerah will resume this afternoon after a lunch break.
Najib is on trial for four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion of 1MDB's funds.
Aside from being the former prime minister, the accused was also finance minister and chairperson of the board of advisors of 1MDB.
The Minister of Finance Incorporated (MOF Inc) wholly owns 1MDB.
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