1MDB wanted to recover US$2.3bil invested in overseas investment company, court told

KUALA LUMPUR: The High Court here was told that 1Malaysia Development Berhad (1MDB) wanted to recover the US$2.3bil invested in Bridge Global Absolute Return Fund SPC.

Former 1MDB company secretary Goh Gaik Kim, 54, said the matter was discussed when she attended a meeting on Nov 11, 2013.

The 17th prosecution witness who was referred to the minutes of the meeting said that among the agenda discussed was the directive of 1MDB board members to bring back the investment in Bridge Global Absolute Return Fund SPC to Malaysia.

"Former 1MDB chief executive officer Mohd Hazem Abdul Rahman said that there were no plans for the liquidation of the investment portfolio. He added that the first half-year dividend of about 3% had just been received.

"KPMG Malaysia, 1MDB's audit firm, has also requested several documents to ensure that 1MDB Group's investment in the Bridge Global Absolute Return Fund SPC has been recorded at fair value," she said when reading out her witness statement at the trial of former prime minister Datuk Seri Najib Razak over charges of embezzling 1MDB funds worth RM2.3bil.

Previously, the court heard that KPMG had yet to sign off on the audit for 1MDB’s financial statement for the financial year ending March 31, 2013, as 1MDB had yet to provide the information that KPMG had been asking for since April 2013.

Earlier, judge Justice Collin Lawrence Sequerah allowed the application of Najib's lawyer - Wan Aizuddin Wan Mohammed - for Najib to be excused from attending the morning proceedings, so that he could attend the funeral of his former chief private secretary, Tan Sri Ab Aziz Kassim.

Najib, 68, is facing four charges of using his position to obtain bribes totalling RM2.3bil from 1MDB and 21 charges of money laundering involving the same amount.

The trial will resume tomorrow. - Bernama