KUALA LUMPUR: The name of infamous fugitive businessman Low Taek Jho or Jho Low who was said to be an adviser to Datuk Seri Najib Razak had to be concealed from the 1Malaysia Development Bhd (1MDB) board of directors to protect the former prime minister, the High Court heard.
This was revealed by former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi during Najib's trial involving the misappropriation of RM2. 28 billion from the sovereign wealth fund.
Shahrol had in his previous testimony last year said Jho Low's name had to be kept under wraps in board meetings as there were people within Umno who were envious of his influence and direct access to Najib.
Under cross-examination by Najib's lawyer Wan Aizuddin Wan Mohammed today, Shahrol confirmed that he had concealed Jho Low's involvement in 1MDB affairs and kept the businessman's name out in board meetings.
"Jho Low had from the beginning told me that his appointment must be kept out of the radar to protect Najib," he said.
The ninth prosecution witness however disagreed with the lawyer's contention that the reason for the cover-up was because he was colluding with Jho Low to get remuneration from investment management firm Goldman Sachs.
Earlier, Shahrol confirmed that Jho Low was involved in 1MDB's plan to acquire independent power producer Tanjong Energy Holdings Sdn Bhd for RM10. 6 billion in 2012.
He said Jho Low had proposed Goldman Sachs as the financial adviser for the 1MDB deal as well as the positions of "bookrunner, underwriter and arranger" for the funding of the acquisition process.
Goldman Sachs was appointed in February 2012, to represent 1MDB in the deal with a 0.5% fee from the bid price if the acquisition was successful.
Wan Aizuddin then contended that Jho Low's role was as a broker to Goldman Sachs since he kept on recommending the firm.
To this, Shahrol said: "I didn't see him as a broker but more of a facilitator."
He said Goldman Sachs' appointment by Jho Low was also not relayed to the 1MDB board of directors to protect Najib.
He also denied allegations of collusion with Goldman Sachs in the acquisition of Tanjong Energy to get higher kickbacks from the investment firm in return.
"Receive kickbacks from Goldman Sachs? I absolutely disagree, " he said when Wan Aizuddin implied this to him.
He had executed the confirmation for Goldman Sachs to become the financial adviser a day before the board meeting on Feb 8, 2012.
The 50-year old witness told the court that he had to sign the confirmation letter before the board meeting in order for Goldman Sachs to present its proposal on the Tanjung Energy acquisition in the meeting.
Wan Aizuddin: You approved Goldman Sachs' engagement prior to obtaining the 1MDB boards' approval on their appointment.
Shahrol: I disagree.
Najib, 67, is facing 25 counts of abuse of power and money laundering involving RM2.28 billion of 1MDB funds which were deposited into his accounts between 2011 and 2014.
As Wan Aizuddin ends his cross-examination, Najib's lead counsel Tan Sri Muhammad Shafee Abdullah applied for tomorrow's trial to be vacated to allow the Pekan MP to attend Parliament.
He told the judge that Najib was scheduled to speak in the sitting tomorrow.
Shafee submitted that preventing an MP from attending to his duty could be subject to contempt of Parliament.
Responding to this, judge Collin Lawrence Sequerah asked: "Are you saying I will be held for contempt of Parliament if I don't allow it? "
Shafee then replied that it is an MP's privilege to attend the parliamentary sitting.
Sequerah then rejected the application.
"I understand that he has his duty, but this court has its duty too. The trial continues tomorrow from 9.30am to 4.30pm." he said before adjourning the proceedings.