1MDB Trial: RM13.1 Billion Meant for TRX Development was Diverted into Najib’s Bank Account, Judge Reveals

Following the Kuala Lumpur High Court’s decision ordering former Prime Minister Datuk Seri Najib Razak to enter defence for all 25 corruption charges relating to 1Malaysia Development Berhad (1MDB) yesterday (30 October), the full extent of the alleged offences committed by the accused has since been revealed.

Understandably, they’re quite extensive, with the summary of judgement itself being a whopping 41 pages.

However, the third charge under Section 23(1) of the Malaysian Anti-Corruption Act 2009 that Najib is facing in the trial is noteworthy, as it involves a USD3 billion (approximately RM13.13 billion) bond meant for the development of Tun Razak Exchange (TRX) being diverted into the former Prime Minister’s bank account. 

Najib signed a letter of support to raise a loan through the issuance of a USD3 billion bond by 1MDB 

Judge Datuk Collin Lawrence Sequerah (now a Court of Appeal judge), in delivering the decision, revealed that the receipt of gratification was part of the testimony by Bank Negara Malaysia (BNM) analyst Adam Ariff Mohd Roslan, the 47th witness in the trial.

Justice Collin asserted that on 12 March 2013, the accused had attended the signing ceremony of the joint venture between 1MDB and Aabar Investment PJS amounting to USD6 billion held at the Prime Minister’s office. 

The learned judge added,

“The prosecution evidence shows that on 14 March 2013, the accused signed a letter of support (LOS) to raise a loan through the issuance of bonds by 1MDB in the sum of USD3 billion.

“On 19 March 2013, the disbursement was made immediately by Bank of New York Mellon Group to the 1Malaysia Development Berhad Global Investment Limited’s account.”

For illustration purposes

Justice Collins said that the evidence on the speed of the fundraising transaction was given by several key witnesses in the case.

He elaborated that despite the defence allegations of the involvement of others with regard to the decision-making process, it was Najib who had taken action in various capacities, namely, at the 1MDB stage as the sole shareholder, the MOF stage and at the Cabinet stage. 

The High Court found Najib to be the ultimate decision-maker

Justice Collin added,

“The accused was, therefore, the ultimate decision maker. He had also not seen fit to lodge any police reports in respect of the alleged involvement of others.

“A consideration of all the evidence above showed that the accused had taken such actions in matters in which he had an interest, which were the basic facts necessary to raise the presumption under section 23(2) MACC Act in respect of the Third Charge.”

For illustration purposes

The USD3 billion meant for TRX development was diverted into Najib’s bank account

For illustration purposes

The learned judge noted that testimony from Adam Ariff Mohd Roslan showed the flow of money from the USD3 billion bond issuance purportedly for the development of TRX had ultimately been diverted into the former Prime Minister’s bank account. 

So, what do you guys think of the judgement delivered by Justice Collin? Share your thoughts with us in the comments.

Also read: “The real mastermind remains at large” – Najib’s Daughter Says Her Father is Taking the Fall in 1MDB Case