1MDB trial: Jho Low was Najib's 'alter ego', High Court told
Wednesday, 28 Aug 201910:59 AM MYT
KUALA LUMPUR: Fugitive financier Low Taek Jho was the mirror image of former prime minister Datuk Seri Najib Razak, as far as the 1Malaysia Development Bhd (1MDB) wrongdoings are concerned, the High Court here heard.
Lead prosecutor Datuk Seri Gopal Sri Ram said in his opening statement before High Court judge Justice Collin Lawrence Sequerah that Low, better known as Jho Low, was the alter ego of the former premier and that the duo acted as one.
Describing Low as a fugitive of justice, Sri Ram said there were four phases where 1MDB funds were channelled into Najib's account, and that Najib caused amendments to be made to 1MDB's article of association.
"The accused was instrumental in changing its name (Terengganu Investment Authority) to 1MDB.
"He also caused amendments to be made to the articles of the company to place himself in sole control of important matters concerning the business and affairs of the company.
"Additionally, he was the chairman and he used that position and that of the prime minister and finance minister to do certain acts and exert influence on the board of 1MDB to obtain gratification for himself.
"The prosecution will prove that the accused by his words and conduct, made it clear to 1MDB officers, its board and others that Jho Low was his alter ego," he said.
Sri Ram added that the prosecution will also prove, through direct and circumstantial evidence that the accused, first in his capacity as the deputy prime minister and finance minister and later as prime minister and finance, minister took several steps that led to part of 1MDB's funds being channelled into Najib's account through a circuitous route to prevent detection of its source.
Wednesday (Aug 28) is the first day of the 1MDB trial, where Najib is facing four charges of having used his position to obtain gratification totalling RM2.3bil from 1MDB funds and 21 counts of money laundering involving the same money.
He faces imprisonment of up to 20 years and a fine of up to five times the sum or value of the gratification or RM10,000, whichever is higher, if found guilty.
The Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd, No 55, Jalan Raja Chulan, Bukit Ceylon here, between 2011 and 2014
Read more at https://www.thestar.com.my/news/nation/2019/08/28/1mdb-trial-jho-low-was-najib039s-039alter-ego039-high-court-told#pcwCpERmavLZFeJP.99
