RM10.6bil bid to acquire Tanjong Energy decision of top 1MDB management, Jasmine Loo tells court

KUALA LUMPUR: The top management of 1Malaysia Development Berhad (1MDB) were behind the decision to propose an acquisition of Tanjong Energy Holdings Sdn Bhd (TEHSB) with a RM10.6bil bid, in consultation with Goldman Sachs, says Jasmine Loo Ai Swan.

The final decision was made by the full board of directors after being briefed by the management.

The former 1MDB general counsel, 50, said that former prime minister Datuk Seri Najib Razak, who was the chairman of the 1MDB board of advisers, did not give any directive pertaining to the proposal, nor the final decision.

The 50th prosecution witness said this during cross-examination by counsel Tan Sri Muhammad Shafee Abdullah at the trial of Datuk Seri Najib Tun Razak’s corruption and money laundering trial, involving RM2.3bil of 1MDB funds.

Loo also said that she had prepared the shareholder resolution and passed it to fugitive businessman, Low Taek Jho or Jho Low, to obtain Najib’s approval.

In 2019, former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi, testified that Najib had approved the proposal in February 2012.

Shahrol Azral also told the court that 1MDB Energy Sdn Bhd, a subsidiary of 1MDB, had acquired TEHSB at a bid price of RM10.6bil and Najib had signed the document in his capacity as a special shareholder, through the Ministry of Finance Incorporated.

He said he was also confident that Najib, who was finance minister at that time, was aware of the details of the transaction, based on the talking points given by Jho Low via email and BlackBerry Messenger.

Najib, 70, faces four charges of using his position (as prime minister) to obtain bribes, totalling RM2.3bil from 1MDB funds, and 21 charges of money laundering involving the same amount.

The trial, before Datuk Collin Lawrence Sequerah, continues on Thursday (April 4). – BK