This case concerns the monies of a company called 1Malaysia Development Berhad, widely known as 1MDB. It was originally called Terengganu Investment Authority or TIA.
An important character in the charade is a man called Low Taek Jho or Jho Low. He is a fugitive from justice. He was involved in TIA and later in 1MDB. The accused thereby used his position for gratification. In each of the phases the accused acted as one with Jho Low.It was a false scenario of a joint venture between 1MDB and a company called PetroSaudi International Ltd or PSI. It was called Project Aria. In the first phase the scheme worked in the following way.
The prosecution will, through oral and documentary evidence, prove that US$700 million of the US$1 billion, instead of being paid into the joint venture company’s account was diverted into the account of a company called Good Star Ltd which in truth had nothing whatsoever to do with the joint venture.
The joint venture agreement referred to a loan payable by the joint venture company to PetroSaudi Holdings .The prosecution will through documents show that the so-called loan was a sham employed to justify the payment to Good Star. From the original sum of US$700 million sums of money were disbursed by Good Star to several persons including one Prince Faisal, a close associate of the accused, Jho Low and one Prince Turki.
The first tranche was received by the accused on Feb 24 2011, that is to say, six days after Faisal received the money. The accused received the second tranche on 14 June 2011, that is to say, four days after Faisal received the money. To make the purchase, 1MDB acted through its subsidiaries 1MDB Energy Holdings Ltd, 1MDB Energy Ltd and 1MDB Energy Ltd as well as through Malaysian registered companies, namely, 1MDB Energy Sdn Bhd and 1MDB Energy . These companies were used to raise finance for both acquisitions.
In addition to the security deposit Aabar was also given an option to take up 49% shares owned by 1MDB Energy Ltd in 1MDB Energy Sdn Bhd. First, another 10-year structured loan notes of US$1.75 billion. For this 1MDB paid Goldman Sachs US$110 million as arrangers’ fee. So, 1MDB got a nett sum of US$1.64 billion. This sum was paid into 1MDB Energy Ltd’s account with Falcon Bank, Hong Kong. The second was a local loan of RM700 million.
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