1mdb Trial Ex Ceo Denies Misleading Auditor Kpmg Over Investment


 




Former 1MDB CEO Mohd Hazem Abdul Rahman today rubbished the allegation that he misled auditor KPMG over the sovereign wealth fund’s US$2.3 billion investment in an alleged unknown fund.
The 10th prosecution witness testified this against the contention raised by Najib Abdul Razak lawyer’s Mardhiyah Mohamed Sirajkuar during the former premier’s RM2.28 billion 1MDB corruption trial.
During cross-examination, Mardhiyah grilled Hazem (above) over why KPMG was dissatisfied with explanations from 1MDB executives regarding the massive investment in Bridge Global SPC, made via Brazen Sky Limited.
Previously when testifying for the prosecution, Hazem gave oral testimony that it got to the point that KPMG representatives themselves met Najib at the then prime minister’s house on Dec 15, 2013, in order to hear an explanation regarding 1MDB’s investment in Brazen Sky. Najib was also the finance minister then.
Much earlier during previous days in the trial, ninth prosecution witness Shahrol Azral Ibrahim Halmi testified that the investment in Bridge Global was done via six promissory notes with a combined value of US$2.318 billion, which he claimed was worthless.
Shahrol not only testified being unsure whether any due diligence was done before investing in Bridge Global, but that the promissory notes originated from the sale of 1MDB International Holdings’ equity for around US$2.22 billion to Bridge Partners International. The witness testified that this was due to the 1MDB board greenlight via a resolution in August 2012.

Former prime minister Najib Abdul Razak
During proceedings before judge Collin Lawrence Sequerah, Mardhiyah contended that 1MDB’s management, which included Hazem, misled KPMG over the investment issue, to which Hazem denied the assertion.
Mardhiyah: Although you knew the promissory notes were worthless, you did not disclose to KPMG that the promissory notes had no value.
Hazem: I disagree.
The defence team has always contended that Najib has no knowledge of wrongdoing at 1MDB, and that what transpired there was due to the machinations of wanted fugitive Low Taek Jho (or Jho Low) and several other individuals.
When the trial resumes tomorrow, Mardhiyah is set to continue cross-examination of Hazem in regard to the issue of KPMG’s dissatisfaction over the explanation for 1MDB’s US$2.3 billion overseas investment.
DPP Mohamad Mustaffa P Kunyalam prosecuted.
Najib is on trial for four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion of 1MDB’s funds.
He was also the finance minister and chairperson of 1MDB’s board of advisers. 1MDB is fully owned by the Minister of Finance Incorporated (MOF Inc). - Mkini


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