KUALA LUMPUR (Oct 2): 1Malaysia Development Bhd’s (1MDB) loans needed former prime minister Datuk Seri Najib Razak’s approval, ex-1MDB chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi told the High Court here yesterday.
Shahrol said Najib’s approval was needed for the US$250 million (about RM1.05 billion) loan obtained by 1MDB Energy Holdings Ltd, a unit of 1MDB, as well as another US$975 million loan, which was to be used for the buy-back of options granted to Abu Dhabi-based Aabar Investments PJS in 2012.
This was ahead of 1MDB Energy’s planned initial public offering, which eventually fell through, according to the witness.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
