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PUTRAJAYA (Jan 21): Former prime minister Datuk Seri Najib Razak insisted that 1Malaysia Development Bhd (1MDB) benefitted the nation despite the crippling debt forced upon it, according to his court testimony on Tuesday.
Deputy public prosecutor (DPP) Kamal Baharin Omar, however, challenged this assertion, as he pointed out that 1MDB had been saddled with over RM48 billion in debt as of May 2015, which he argued rendered no benefit to the country.
Kamal: In 2015, 1MDB was highly in debt.
Najib: Yes, correct.
Kamal then went on to highlight a letter from Bank Negara Malaysia where the central bank stressed a need to settle said debt in order to prevent negative implications to the country's economy.
Kamal: Based on this statement, 1MDB did not bring any benefit to the country.
Najib: I disagree. I will explain more later.
The ex-PM, who is currently testifying in his defence in the ongoing 1MDB-Tanore trial, also disagreed with the prosecution's suggestion that 1MDB had benefitted Najib instead.
The now imprisoned 71-year-old insisted that 1MDB had its advantages, saying: “Its assets are a lot. Its contribution to the country is also a lot even when there were things that took place which shouldn't have.”
Najib did not elaborate further.
Per the Auditor General's Report 3/2024, a total of RM39.74 billion in federal government grants were used to repay 1MDB loans and related payments over a five-year period.
Najib chuckles at suggestion Jho Low was his mirror image
Najib also denied "covering up" for fugitive Low Taek Jho (Jho Low) despite consistent red flags raised to him personally by numerous parties.
During a cross examination by DPP Ahmad Akram Gharib, the prosecution suggested that Najib protected Jho Low, despite warnings.
Akram pointed out that as early as 2009 until 2016, red flags had been consistently raised with Najib regarding Jho Low.
The prosecutor pointed out that Terengganu’s Sultan Mizan Zainal Abidin, then Yang di-Pertuan Agong (YDPA), had told the ex-PM that Jho Low was an "unsavoury character". He added that there were also warnings from 1MDB chairman Tan Sri Mohd Bakke Salleh, former finance minister II Datuk Seri Ahmad Husni Hanadzlah, former Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz and The Edge Media Group chairman Tan Sri Tong Kooi Ong.
Akram: There were numerous red flags about Jho Low's misconduct but you chose to protect him.
Najib: I have never protected him.
Akram then highlighted a parliamentary question posed by then MP Datuk Dr Tan Kee Kwong, in March 2015, regarding Jho Low's link to 1MDB. To this, Najib had answered that the fugitive does not work in the company and that all decisions were made by the board and management.
Akram: You had a chance to explain in Parliament but choose to stay away. You were trying to cover up for Jho Low.
Najib: No, that's not true.
When asked why Najib didn't just hire Jho Low to work with the company, given his connections, Najib repeated that he used Jho Low merely for his connections to the Middle East.
"There was no reason for him to be in the company," Najib said.
When asked if Jho Low was Najib's "mirror image" in the multi-billion-dollar scam, Najib merely chuckled softly, saying "No way".
The prosecution has completed their cross examination of the ex-PM. The defence now will conduct their re-examination before Najib is released from the stand. Najib started his testimony on Dec 2 last year.
In this trial, Najib faces four abuse of power and 21 money-laundering charges.
The trial before presiding judge Datuk Collin Lawrence Sequerah continues on Wednesday.