Politics · Malaysia Bureau
Ex-1MDB chief accepted Low's claims on PetroSaudi venture
Former 1Malaysia Development Berhad CEO Shahrol Azral Ibrahim Halmi has testified that he believed representations made by fugitive businessman Jho Low regarding a US$2.5 billion joint venture with PetroSaudi International. The executive also recalled coordinating with the office of then-Prime Minister Najib Razak ahead of the deal's signing ceremony.
LSN Malaysia ·
Shahrol Azral Ibrahim Halmi told the court that he accepted assurances provided by Low regarding the PetroSaudi International partnership without conducting independent verification of the claims. The former 1MDB chief's testimony provides insight into how key transaction details were communicated within the sovereign wealth fund during the period when the controversial investment was approved. Low, a central figure in the multi-billion dollar 1MDB scandal, has remained a fugitive since investigations intensified several years ago. Shahrol said he had communicated with representatives from the Prime Minister's office to coordinate preparations for the formal signing of the PetroSaudi agreement. The testimony forms part of ongoing legal proceedings related to the 1MDB financial scandal, which has become one of the world's largest cases of alleged corporate misappropriation. Investigators have previously indicated that the PetroSaudi venture was used as a vehicle to siphon substantial sums from 1MDB, with funds subsequently traced to various international accounts and property purchases.