Translate
30 October 2019
PetroSaudi International (PSI) CEO Tarek Obaid received a handsome US$85mil (RM356mil) in commission
Najib’s 1MDB trial: PetroSaudi CEO received US$85mil commission for joint venture deal
Wednesday, 30 Oct 20194:32 PM MYT
By NURBAITI HAMDAN
image: https://apicms.thestar.com.my/uploads/images/2019/10/30/356862.jpg
KUALA LUMPUR: The High Court was told on Wednesday (Oct 30) that PetroSaudi International (PSI) CEO Tarek Obaid received a handsome US$85mil (RM356mil) in commission for the joint venture (JV) between PSI and 1Malaysia Development Bhd (1MDB).
The payment was channelled to Tarek's bank account from Good Star Ltd, a company that was initially said to be a subsidiary of PSI but later revealed to be owned by fugitive financier Low Taek Jho.
During cross-examination on Wednesday, former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, was shown documents by lead counsel Tan Sri Muhammad Shafee Abdullah.
The ninth witness agreed that a name stated on the document was 'Tarek Essam Obaid', who received the credit from Good Star.
(On Sept 30,2009, a total of US$1bil (RM3.487bil) was transferred by 1MDB into two separate accounts, with US$300mil into the JV account 1MDB-PSI and US$700mil into Good Star.
Shafee: Within five days Tarek got paid US$85mil from Good Star.
Shahrol: Yes.
Shafee: So this Tarek Essam Obaid is the same Tarek Obaid (of PSI)?
Shahrol: As far as I know, yes.
Shafee: The money went to Good Star and Good Star paid Tarek.
Shahrol: I don’t know why.
Shafee then showed the witness more documents and said they ought to “clear it out and settle it once and for all”.
The document was a JP Morgan application form to open a bank account for an individual.
Shafee: Please tell the court the name on the document.
Shahrol: It is Tarek Obaid.
Shafee: Based on bank statements, Tarek was paid US$85mil out of the US$700mil from Good Star for a commission as part of the JV deal between 1MDB and PSI.
Shahrol: Yes. The JV is the 1MDB-PSI deal.
Shafee: The reason Tarek was paid 85mil out of the 700 was because of commission.
Shahrol: Yes.
Shafee: So our money, US$700mil went there (to Good Star). US$85mil, this Tarek swiped as commission or purported commission... Can this be a bona fide commission or is this outright stealing?
Shahrol: Not enough information to determine that.
Shafee: You are an engineer. How much is the percentage?
Shahrol: Slightly over 10%.
Shafee: That's a lot for a commission for a JV.
Shahrol: Yes.
Shafee: Did he declare that he made this money from that deal?
Shahrol: No he didn't.
Datuk Seri Najib Razak, 66, faces 25 charges in total - four for abuse of power that allegedly brought him financial benefit to the tune of RM2.3bil; and 21 for money laundering involving the same amount of money.
The hearing before Justice Collin Lawrence Sequerah continues on Thursday (Oct 31).
Rel
Read more at https://www.thestar.com.my/news/nation/2019/10/30/najibs-1mdb-trial-petrosaudi-ceo-received-us85mil-commission-for-joint-venture-deal#ybUO1oGKSzsRGAkR.99
Popular Posts - Last 7 days
-
At least 100,000 bodies in Syrian mass grave, US advocacy group head says Reuters 17/12/2024 Abo Khaled, a farmer walks by the site of a ma...
-
High Court frees Rosmah of 17 money laundering and tax evasion charges Bernama 19/12/2024 Judge grants an order of acquittal after allowing ...
-
TikToker Rayyan Wong arrested for insulting the Agong, TMJ and PM 19/12/2024 Razarudin said that prior to that, a report was made by the Ma...
-
Pergaduhan di stesen LRT: Belum ada tangkapan penyokong bola sepak terlibat rusuhan - Polis Astro Awani 21/12/2024 KUALA LUMPUR: Ibu Pe...
-
US government shutdown: What closes, what stays open? Reuters 19/12/2024 US government services would be disrupted and hundreds of thousands...
Popular Posts - Last 30 days
-
Woman hit by car at pedestrian crossing while chasing young boy dashing across road image: http://www.thestar.com.my/~/medi...
-
Kemunculan bank digital baharu melonjakkan sektor perbankan global pada 2024 Bernama 08/12/2024 Kemunculan Boost Bank iaitu bank digital tem...
-
At least 100,000 bodies in Syrian mass grave, US advocacy group head says Reuters 17/12/2024 Abo Khaled, a farmer walks by the site of a ma...
-
Ammar Alfian dakwa sudah ragut dara Puteri Sarah Liyana PORUMAN 1:19 PTG Hiburan Tiada Komen Ammar Alfian dakwa sudah rag...
-
NSRC successfully blocked RM19 million from being transferred in online fraud cases - PM Bernama 03/12/2024 PM Datuk Seri Anwar Ibrahim say...
-
Banjir: Ratusan rumah dinaiki air di Ipoh, penduduk dakwa kali pertama sejak lebih 25 tahun Astro Awani 01/12/2024 Penduduk di Taman Arena K...
-
Pastor didakwa bunuh, simpan mayat ibu dalam peti sejuk beku Astro Awani 26/11/2024 Deanesh didakwa di bawah Seksyen 302 Kanun Keseksaan ya...
Blog Archive
-
▼
2019
(4089)
-
▼
Oct 2019
(375)
- Pasir Salak MP suspended from Parliament for two days
- Health Ministry ending Pharmaniaga's concession fo...
- New proposed Rapid Transit System (RTS) between Ma...
- A 15-year-old girl in Sabah's interior Tenom distr...
- Bank Negara has appointed Fraziali Ismail as assis...
- TEBUSAN PENJARA PUDU 1986 - Jimmy Chua bersama 5 b...
- U.S. releases Islamic State (IS) leader Abu Bakr a...
- E-Hailing Driver Arrested for Molest claims that h...
- Two people were killed when the car they were in c...
- Heart attack remains the leading cause of death in...
- Manchester United into the League Cup quarter-fina...
- Liverpool beat Arsenal on penalties after an aston...
- U.S. DOJ has struck a deal with Low Taek Jho in wh...
- Malaysian banks shut accounts of legal foreign res...
- RM400,000 to get a Malaysian passport and an ident...
- Tanjung Piai MCA division chief Datuk Seri Dr Wee ...
- The White Truffles from Alba, Italy are here to ga...
- England fined for V-formation haka response
- 7 teen girls taken to lock-up after name-calling l...
- Penjawat Awam Pemandu didakwa liwat isteri dan cab...
- 108,606 kes denggi direkodkan di seluruh negara se...
- PetroSaudi International (PSI) CEO Tarek Obaid rec...
- A mobile phone shop owner was fined RM8,250 at the...
- Following Court Ruling Health Ministry will fully ...
- A Chinese national pleaded not guilty in a Magistr...
- JENAZAH anggota polis dan isteri yang maut dalam k...
- Journalist protests at Hong Kong police press conf...
- Tear gas, petrol bombs and mass arrests in Hong Ko...
- TIADA sebarang bukti serangan siber menjadi punca ...
- How the US military raid that killed Abu Bakr al-B...
- Thai King fires 4 more officials for "extremely ev...
- Qabil may see his Olympic equestrian dream shattered
- Two more charged for alleged links to LTTE
- Tun Mahathir- It hurts when Malay Dignity Congress...
- Tun Dr Mahathir Mohamad has defended his method of...
- Bank Negara raids RSI International in Cheras for ...
- SYABAS- Water disruption to hit up to 120,000 hous...
- Ten prison wardens were charged with murder of an ...
- 1MDB a fool to have paid US$1bil (RM4.18bil) for 4...
- Malaysians happy Kuala Lumpur High Court dismissed...
- Suami Seorang anggota Polis dan isteri maut kemala...
- Assemblymen Seremban Jaya P. Gunasaekaran & Gadek...
- 52-year-old school teacher has been charged at the...
- 28-year-old Kalaimughilan charged for having LTTE-...
- Boeing Co Chief Executive will acknowledge that th...
- Woman driver involved in Johor fatal Mat Lajak acc...
- Tun Dr Mahathir reiterated that only the Pakatan H...
- Tun Dr Mahathir comeback to 18th NAM Summit after ...
- Never Before!: THE USJ community bade farewell to ...
- A traffic policeman was run down by a car on the N...
- Singapore PM Lee expresses appreciation to Malaysi...
- Several major highways leading into Kuala Lumpur h...
- Bitcoin jumped on Monday after China’s government ...
- Jenazah pengarah drama dan filem, Pitt Haniff sela...
- Istana Presiden Oguzkhan buka pintu kepada Tun Mah...
- Magistrate's Court clears motorist of killing eigh...
- Karmaine Sardini is PH choice for Tanjung Piai by-...
- Hong Kong protesters set fire to shops and hurled ...
- Norwich 1-3 Manchester Utd | EPL Highlights | Astr...
- Arsenal 2 - 2 Crystal Palace | EPL Highlights | As...
- Liverpool 2 - 1 Tottenham | EPL Highlights | Astro...
- Southampton's players and coaching staff pledged t...
- Tun Dr Mahathir reiterated that only the Pakatan H...
- Mentor Milenia 2019 | Minggu 4 | LIVE| TV3
- South Africa to face England In Final |Wales 16-19...
- Tun Dr Mahathir arrives in Turkmenistan for 2 day ...
- Jenazah anak saya sudah ditemui - Fauziah Nawi | J...
- Gegar Vaganza 2019 Live + (Minggu 3) | LIVE | 9.00...
- Beijing's new $63 billion Daxing airport began its...
- Kedah Edge Out Pahang own Away Goals Rule - 8-8 | ...
- Bentong Kali - One of the most Brutal Killers in M...
- Tun Mahathir in Azerbaijan for 18th Non-Aligned Mo...
- Burnley 2 - 4 Chelsea | EPL Highlights
- Manchester City 3 - 0 Aston Villa | EPL Highlights
- JDT reached final of Malaysia Cup on a 5-1 aggrega...
- Jeff Bezos loses US$7 billion in a day; no longer ...
- England Shock New Zealand to Enter Final of Rugby ...
- Tun Mahathir: Selamat Menyambut Hari Deepavali - "...
- Woman in Singapore arrested for stripping in public
- Indonesia report on 737 MAX crash faults Boeing de...
- Deputy Works Minister Anuar Tahir was admitted to ...
- Malaysia-born con artist, who had stolen at least ...
- Anwar will become the next Prime Minister as agree...
- 9 children among 15 injured as van collides with c...
- Lawyer duo claims trial for allegedly asking rape ...
- A restaurant worker was charged in a Sessions Cour...
- Menteri Pilihan Jokowi Diprotes
- Malay Dignity Congress' Zainal Kling gives stateme...
- 1975 KL UNDER SIEGE | - tells how the revolutionar...
- Lembaga pentadbir Kg Baru tidak setuju RM1,000, da...
- Home Ministry raided The Asia Comic Cultural Museu...
- Singaporean is facing two murder charges here over...
- Government makes final Offer to Kampung Baru lando...
- Datuk Yong Lei Choo has been appointed as the Kual...
- Mydin's RM0.62 Deepavali Offers for all Malaysians...
- Partizan 0-1 Manchester United | Europa League | 2...
- Liverpool beat Genk 4-1 in the UEFA Champions Leag...
- Kuala Lumpur menyerbu tiga premis hiburan di Jalan...
- 45 warga asing AFRIKA diberkas dalam operasi GAGAK...
- Polis Kuala Lumpur mengempur 4 premis hiburan di K...
-
▼
Oct 2019
(375)