1MDB: Joint-venture with PetroSaudi was a failure – Witness

petrosaudi joint-venture Former Chief Executive Officer of 1MDB, Datuk Shahrol Azral Ibrahim Halmi PIX: SYAFIQ AMBAK / MalaysiaGazette / 30 SEPTEMBER 2019 Jho Low Najib Razak
Former Chief Executive Officer of 1MDB, Datuk Shahrol Azral Ibrahim HalmiPIX: SYAFIQ AMBAK / MalaysiaGazette / 30 SEPTEMBER 2019

By Kasthuri Jeevendran

KUALA LUMPUR – Former Chief Executive Officer of 1Malaysia Development Berhad (1MDB) admitted that the joint-venture between PetroSaudi International Ltd (PSI) and 1MDB in 2009 was a failure.

During the cross-examination with defence counsel Tan Sri Muhammad Shafee Abdullah, Shahrol testified that the joint-venture was done at the ratio of 40:60, where PSI owned 60 percent of the stakes while 1MDB owned the remaining 40 percent of its stakes.

Shafee: Do you admit that the joint-venture of your company, 1MDB and PSI at the ratio of 40:60 had failed?

Shahrol: (Nodded in agreement).

Shafee: Was the GDF Suez investment project brought to the knowledge of Najib at that time?

Shahrol: Yes, there was a minutes of meeting between me and him on 21 June 2010.

Shafee: Did you only told him once that time?

Shahrol: As far as I remember, yes.

Shahrol then requested for some time for him to check several documents before answering Shafee’s question and he then admitted that the working papers for GDF Suez investment was prepared earlier by the then Chief Investment Officer of 1MDB, Nik Faisal Ariff Kamil before 5 July 2010.

“The 1MDB Board of Directors obtained the advice from Najib as the Chairman before investing 1MDB’s funds into the Suez project. But, we could not continue our investment in that project.

“On the contrary, US$500 million was channelled to PSI through a Murabaha programme,” Shahrol, the ninth witness of the 1MDB trial revealed during the 30th day of the trial.

Yesterday, Shahrol alleged that the Board of Directors of 1MDB were asked to make another joint-venture with PSI in 2010 although the US$1 billion joint-venture in 2009 had failed.

The trial resumed before High Court Judge Collin Lawrence Sequerah. -MalaysiaGazette

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