KUALA LUMPUR – Datuk Seri Najib Razak was seen to be shaking his head upon hearing the statements from Datuk Shahrol Azral Ibrahim during the 1Malaysia Development Berhad (1MDB) trial today.
The ninth witness alleged that the former Prime Minister had advised the board of directors not to make a second evaluation on the assets of Petrosaudi Holdings (Cayman) Ltd in Turkmenistan and Argentina.
Shahrol, who is also the former Chief Executive Officer of 1MDB told the High Court that he met Najib on 16 October 2009 representing the board of directors to get his advise following concerns on the value of assets belonging to Petrosaudi (Cayman) as evaluated by Edward Morse firm.
Najib was seen to be shaking his head at the accused dock.
When cross-examined by defence counsel Tan Sri Muhammad Shafee Abdullah that Najib has never given the alleged advise, Shahrol said, “I don’t agree. That’s not what I think,” after he told the court that the board of directors of 1MDB were not confident about the valuation of asset (US$2.2 billion) linked to Petrosaudi International joint-venture.
Shahrol made the revelation after he was showed the 1MDB board of directors minutes of meeting dated 3 October 2009, after the signing of joint-venture agreement between 1MDB and Petrosaudi.
Earlier, Shahrol said that the joint-venture between International Ltd (PSI) and 1Malaysia Development Berhad (1MDB) involved US$2.5 billion.
Through the collaboration, 1MDB had injected US$1 billion of starting capital in cash.
The PSI invested through assets valued at US$2 billion. Both companies also agreed to provide a discount at US$1.5 billion. According to Shahrol, the discount enabled 1MDB to own 40 percent stake in the joint-venture project. -MalaysiaGazette