1MDB trial: A second Aabar Investments PJS Ltd, another shell company, was set up in the Seychelles, court hears

  • 📰 staronline
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 75%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

KUALA LUMPUR: Another shell company also named Aabar Investments PJS Ltd has emerged in the 1Malaysia Development Bhd (1MDB) trial at the High Court here.

The defence, representing Datuk Seri Najib Razak who is accused of misappropriating RM2.28bil of 1MDB funds, revealed that there was a second Aabar Investments PJS Ltd, this one incorporated in the Seychelles.The matter was raised when lawyer Wan Aizuddin Wan Mohamed questioned former 1MDB CEO Shahrol Azral Ibrahim Halmi on the remittance of US$223mil from 1MDB Energy Ltd to Aabar BVI.

The court had previously heard testimony that the British Virgin Islands-incorporated Aabar Investments PJS Ltd was not the same as Aabar Investment PJS , based in Abu Dhabi, UAE). Shahrol said that during the course of the investigation, he may have been shown documents stating that there were two companies named Aabar Investments PJS Ltd.

The court was also told that 1MDB had taken a US$975mil loan from Deutsche Bank but it was never utilised to pay back the “Aabar options”.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines