KUALA LUMPUR, Aug 16 — Bank Negara Malaysia (BNM) had blocked government-owned 1Malaysia Development Berhad’s (1MDB) “grand scheme” by stopping the company’s 2014 bid to...
KUALA LUMPUR, Aug 16 — Bank Negara Malaysia had blocked government-owned 1Malaysia Development Berhad’s “grand scheme” by stopping the company’s 2014 bid to borrow money worth RM4.9 billion from overseas, due to reasons such as 1MDB’s increasing high debts, the High Court heard today.
“In 2014, 1MDB actually tried to remit or take on foreign debt again and had to make an application for that to the central bank, the date of it is June 3, 2014. This was well before we received information from the foreign authorities and so on, Bank Negara rejected this application by 1MDB and therefore it put a stop to this grand scheme that they had developed,” she said.
Following 1MDB’s June 3, 2014 application, BNM requested more information and then rejected it on July 11, 2014. Asked by Najib’s lead defence lawyer Tan Sri Muhammad Shafee Abdullah if 1MDB had further appealed to the then finance minister Najib, Zeti said she was not sure and said BNM would not know if there was such an appeal if the Finance Ministry did not inform BNM.
“And for that basis we did not approve. So this is an application to borrow from offshore sources, and one of the components of this borrowing was to raise a sukuk from offshore sources. So when we rejected it, they told us okay, we will go to the Securities Commission to get approval to issue these bonds and that doesn’t require Bank Negara approval. So they in fact told us they will source these monies from bond issuance,” she said.
In the August 14 application by Najib, he is seeking for Sequerah’s removal in order to be acquitted from the 1MDB trial, or to alternatively have the trial be heard afresh from the start or be continued before a different High Court judge.
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