: A former 1Malaysia Development Berhad chief executive officer told the High Court here that he wanted to resign in 2013 as he was worried about 1MDB which he felt was entering the largest corporate liability trap in history.
“I started to understand that several projects funded and managed by 1MDB caused the company’s financial position to be problematic as there was too much domestic and foreign debts committed by 1MDB based on the plans of fugitive businessman Low Taek Jho or Jho Low which may not be paid back. “At the end of 2014, Datuk Seri Najib told Tan Sri Lodin that the 1MDB funds abroad could not be brought back even though 1MDB was facing financial constraint to service its RM2.5 billion debt to Maybank,” he said and added the matter was against business ethics.
The witness stressed that according to the business plan discussed by Jho Low at the board of directors level, it was a normal business plan with normal risks and profits.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaysiakini - 🏆 20. / 51 Read more »
Source: malaymail - 🏆 1. / 86 Read more »