Nothing sinister in Najib's 1MDB-Goldman Sachs meeting: Ex-chair

Summary

• Ex-1MDB chairperson Che Lodin Wok Kamaruddin testifies that there was nothing sinister about Najib Abdul Razak's presence during a 1MDB-Goldman Sachs meeting in November 2009.

• Lodin says Jho Low was also in the same hotel suite where the meeting took place, but was in a different room.

1MDB TRIAL | There is nothing sinister about Najib Abdul Razak's presence at a meeting between 1MDB officials and Goldman Sachs nearly 16 years ago, the sovereign wealth fund's former chairperson testified.

Defence witness Che Lodin Wok Kamaruddin told the High Court in Putrajaya today that he was present when Najib met with the Wall Street bank's executives, including Lloyd Blankfein and Tim Leissner, at the former premier’s hotel suite in New York in November 2009.

While being examined-in-chief by defence counsel Wan Azwan Aiman Wan Fakhruddin, Lodin said fugitive businessperson Low Taek Jho (Jho Low) and 1MDB’s then-CEO Shahrol Azral Ibrahim were also in the Four Seasons Hotel suite.

However, he said Low did not participate in the discussion and was in the other room when Najib spoke with Blankfein.

Shahrol was among the prosecution witnesses who took the stand against the accused.

Aiman: Was Najib’s meeting with Goldman Sachs unusual or sinister, given that 1MDB was already an existing Goldman Sachs client?

Lodin: No, the meeting was neither unusual nor sinister, from my understanding it was part of a broader effort to engage foreign investors and promote Malaysia as an investment destination.

The former 1MDB chairperson stressed that Najib did not issue directives to the board or management following the casual meeting.

Lodin emphasised that Najib, who was also the former chairperson of 1MDB's board of advisers, did not instruct the board to approve specific deals with Goldman Sachs.

The witness stressed that Najib never gave instructions to him or the board to approve excessive fees to Goldman Sachs, pointing out that the engagement and the fee structure were arranged by Shahrol and members of management.

The defence witness' testimony seeks to back Najib's contention that he has neither involvement nor knowledge of wrongdoing at 1MDB.

The accused contended all wrongdoing at the fund was masterminded by Low and members of its management.

However, the prosecution contended that Low's actions at 1MDB were done with Najib’s blessing.

Lodin told the court that the 1MDB board made all financial and strategic decisions without instruction from Najib.

Prima facie case

On Oct 30 last year, the criminal court ordered Najib to enter his defence over four abuses of power and 21 money laundering charges involving RM2.27 billion from 1MDB.

Trial judge Collin Lawrence Sequerah ruled that the prosecution succeeded in establishing a prima facie (answerable) case against Najib due to the strength of some 50 witness testimonies.

Between early December last year and late January this year, Najib spent 26 days on the witness stand trying to raise reasonable doubt in the prosecution’s case.

The former Pekan MP also relied on the defence that he was given a donation promise by the late Saudi King monarch King Abdullah during a meeting between them in Riyadh in 2010.

The accused has been serving a six-year jail sentence since August 2022 over a separate graft case involving RM42 million from SRC International, a former subsidiary of 1MDB.

The sovereign wealth fund’s stated purpose was to ensure long-term sustainable development while safeguarding the economic well-being of Malaysians.

The Minister of Finance Incorporated (MOF Inc) fully owned both 1MDB and SRC.

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