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1MDB loans needed Najib's approval: former CEO Shahrol

Ahmad Naqib Idris
Ahmad Naqib Idris10/2/2019 02:13 PM GMT+08  • 2 min read
1MDB loans needed Najib's approval: former CEO Shahrol
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.
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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.

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