PUTRAJAYA: The High Court was told that 1Malaysia Development Bhd (1MDB) benefitted the country despite the massive debt it incurred.
Datuk Seri Najib Razak disagreed with the prosecution's suggestion during cross-examination at the 1MDB trial here on Tuesday (Jan 21) that the sovereign wealth fund did not bring any benefit to the nation.
Deputy Public Prosecutor (DPP) Kamal Baharin Omar suggested that 1MDB was not beneficial as it had amassed over RM48bil in debt as of May 2015.
DPP Kamal Baharin: In 2015, 1MDB was highly in debt.
Najib: Yes, correct.
The prosecution referred the witness to a letter from Bank Negara which stated that there was a need to settle the debt in order to prevent negative implications to the country's economy.
DPP Kamal Baharin: Based on this statement, 1MDB did not bring any benefit to the country.
Najib: I disagree. I will explain more later.
The former prime minister said that 1MDB had "a lot of assets".
"Its contribution to the country is also a lot even when there were things that took place which shouldn't have," he added.
On October 30, Najib was ordered by the High Court to enter his defence on four counts of using his position to obtain RM2.28bil gratification from 1MDB's funds and 21 counts of money laundering involving the same amount.
The hearing continues before Justice Collin Lawrence Sequerah on Wednesday (Jan 21).
