LIVE | 1MDBTrial 10.35am - 'Tanjong Energy should've brought profit, public listing never happened' Follow our live reports at
Shahrol- Shahrol Azral Ibrahim Halmi tells the court that 1MDB should have gained profit from its acquisition of Tanjong Energy Sdn Bhd in 2012 when the latter gets publicly listed.Shahrol, who is the ninth prosecution witness, testifies this under examination-in-chief by DPP Gopal Sri Ram.: I can't remember if there were any cash that flowed upwards after the acquisition. But the bulk, the profits that should have come, should have come when publicly list the entity, which never happened.
"In this particular case, because of high-level negotiation between the Prime Minister's Office and the crown prince of Abu Dhabi, to obtain the guarantee , we needed to move fast to seal the deal.
"It was only in 2015 that I knew that Aabar, through Mohamed Badawy Al-Husseiny, was among the directors of Falcon Bank," he testifies.1MDB can't engage new loans without Najib's approval after May 2009- The court hears from former 1MDB CEO Shahrol Azral Ibrahim Halmi that after the company received government guarantee in May 2009, it could no longer engage any more loan agreements without the approval from the finance minister.
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