This article first appeared in The Edge Financial Daily on September 25, 2019 - October 1, 2019

KUALA LUMPUR: Former Terengganu Investment Authority Bhd (TIA) and 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi testified that Datuk Seri Najib Razak had ordered TIA to push on with the bonds issuance despite opposition from Terengganu’s ruler.

Shahrol and TIA director Tan Sri Ismee Ismail had a meeting with Tuanku Mizan Zainal Abidin — who was also the Yang di-Pertuan Agong then — and his sister Tengku Datuk Rahimah Puteri Mahmud on May 22, 2009, during which he was asked to sign a resolution for the suspension of the Islamic medium-term note (IMTN) issuance.

“I don’t know why (she) had ordered AmInvestment Bank to suspend the issuance of the IMTN bonds (which was already agreed by TIA),” he said, while reading out his witness statement.

The witness said Sultan Mizan seemed angry and mentioned an “unsavoury character”, although Shahrol did not know who he was referring to.

He had notified Low Taek Jho — otherwise known as Jho Low — and Najib after the meeting.

The former premier asked him if he knew what had angered Sultan Mizan and whether he received a copy of the resolution.

Shahrol replied ‘no’ to both questions.

“[Najib] said something along the lines of “You go ahead, I will talk to Tuanku”. I saw that as an order and a mandate from the prime minister and minister of finance to carry on with the IMTN because he was the minister responsible for the government guarantee. Jho Low also heard the order,” he testified.

Senior deputy public prosecutor Datuk Seri Gopal Sri Ram asked him about the atmosphere at the meeting with Najib, which the witness described as neutral.

“I expected it to be more tense ... because this was a very big deal. Tuanku was very upset, and we had a RM5 billion bonds issuance — the first-ever 30-year Islamic bond to be issued by the government. [Najib] as minister of finance, I expected a lot more questioning,” Shahrol said.

The witness was also referred to a statement by a representative of the state palace, which questioned the role of Jho Low who had “misused the name of Seri Paduka Baginda Yang di-Pertuan Agong”, and was asked what he thought of the statement.

Given the events that transpired since May 22, 2009, relating to the conflict between Terengganu and the federal government, as well as Jho Low informing him that the bonds issuance would proceed, Shahrol said he concluded that Jho Low was representing the interest of Najib.

“At your meeting that night, after you met Seri Paduka Baginda, did the accused tell you that Jho Low had nothing to do with him?” asked Sri Ram.

“No,” said Shahrol.

“Did he, on any occasion, tell you to follow what Jho Low had told you? Whatever instructions he gave you?” asked the senior DPP.

“No. However, he has indicated on one or two occasions. One of which I can remember, when I queried Datuk Seri Najib about bringing back our funds that was invested with Petrosaudi International.

“This was most likely in 2010 or 2011, in which Datuk Seri Najib told me to talk to Jho Low,” responded the witness.

Najib is currently facing 25 criminal charges over the alleged embezzlement of funds from 1MDB.