In a significant turn of events, Senior Assistant Commissioner Rajagopal a/l Ramadass has identified four individuals responsible for siphoning off USD 1.367 billion from 1MDB, clearing former Prime Minister Najib of the charges leveled against him.
KUALA LUMPUR, Wed – In a significant development in the ongoing 1MDB trial, the defence team of former Prime Minister, Datuk Seri Najib Razak today called their 13th witness, Senior Assistant Commissioner Rajagopal a/l Ramadass. Rajagopal, a former Head of the Corporate Crime Investigation Unit at Bukit Aman, identified four individuals responsible for siphoning off approximately USD 1.367 billion from 1MDB.
He was tasked with investigating the alleged mismanagement at 1MDB following a report lodged by Datuk Seri Khairuddin Bin Abu Hassan on 12 December 2014 and during his testimony, SAC Rajagopal exposed the names of Datuk Shahrol Azral bin Ibrahim Halmi, Azmi Bin Tahir, Jasmine Loo, and Terrence Geh. Notably, Shahrol Azral (former 1MDB CEO), Azmi Tahir (former 1MDB CFO), and Jasmine Loo (1MDB General Legal Counsel) testified against Najib for the MACC’s prosecution team, together with Terrence Geh who remains a fugitive.
1MDB Funds Diversion Instructed By Shahrol
Rajagopal highlighted that the initial diversion of USD 700 million to Good Star Limited, a company beneficially owned by Low Taek Jho, was executed by Casey Tang on the instruction of 1MDB’s CEO, Shahrol Azral. He also found it peculiar that Shahrol had only seen the purported “Loan Agreement” with PetroSaudi International Limited for the first time when shown by the police during his statement recording. This loan agreement supposedly justified the diversion of USD 700 million of 1MDB’s investment to another entity not disclosed to the Board of Directors.
Rajagopal’s testimony will continue next Tuesday.
Earlier in the proceedings, Tan Sri Che Lodin bin Lok Kamaruddin, Chairman of 1MDB’s Board of Directors, maintained that there was no “top-down” approach practiced at 1MDB, contradicting the testimonies of prosecution witnesses, particularly Shahrol. Tan Sri Lodin emphasised that he was never a proxy of Najib and had always maintained a formal relationship with him, even stating that he did not have Najib’s phone number.
Appointed By Mahathir
Lodin corrected the misconception that Najib had appointed him to his positions at Lembaga Tabung Angkatan Tentera and Boustead Holdings, clarifying that his appointment to LTAT was made by another former Defence Minister, Tun Dr Mahathir.
He also refuted the prosecution’s narrative that Najib’s approvals for the company’s ventures always preceded the Board of Directors’ decisions. Lodin, the Board of Directors would seek shareholder approval for substantial acquisitions or dispositions before proceeding, as required under the Companies Act.
Additionally, Lodin debunked the theory that Najib wanted to terminate KPMG’s services as 1MDB’s auditors. He explained that the issue between KPMG and the company had been discussed for a long time before their services were terminated by mutual agreement. The former Prime Minister had held meetings with KPMG’s representatives to resolve the impasse, but to no avail. The issue with KPMG’s valuation of 1MDB’s subsidiary, Brazen Sky Limited, was later resolved by its successor, Deloitte Kassim Chan.
Corporate Governance
Regarding Najib’s roles in 1MDB, Tan Sri Lodin testified that there was no confusion within 1MDB about Najib’s three capacities — as Chairman of the Board of Advisors, Prime Minister, and representative of the shareholder (Minister of Finance Inc.). The Board of Directors consistently adhered to corporate governance procedures in compliance with the Companies Act, requiring shareholder approval for substantial acquisitions and disposals. Board minutes and shareholder resolutions confirmed that when approvals were sought, Najib executed the resolutions in his capacity as the representative of MOF Inc., not as the Prime Minister or Chairman of the Board of Advisors.
Lodin confirmed that Article 117 of the Memorandum and Articles of Association was never invoked, as none of its elements were deemed applicable by the Board. This reinforces that all key decisions were made within the legal framework of the Companies Act, without reliance on Article 117 or Najib’s position as Chairman of the Board of Advisors. – NMH
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