1MDB squandered billions, MACC witness tells High Court
KUALA LUMPUR: Billions of ringgit that were poured into investments by 1Malaysia Development Bhd (1MDB) failed to bring any profit to the country.

Even the iconic TRX had to be completed using foreign investments from other companies as the funds had been swindled, a senior Malaysian Anti-Corruption Commission (MACC) officer told the High Court.

Nur Aida Ariffin said the nation had suffered losses and debts from projects that were meant to bring financial gains.

She was rebutting a suggestion by defence counsel Wan Azwan Aiman Wan Fakhruddin in former prime minister Datuk Seri Najib Razak’s RM2.28bil 1MDB trial yesterday.

Wan Azwan had suggested that 1MDB profited from its investments in various sectors, such as the acquisition of an independent power producer (IPP).

Nur Aida, the investigating officer in the 1MDB probe, disagreed and said the IPP was later sold to investors from China to pay off 1MDB’s debts.

Wan Azwan: You conclude that all the projects by 1MDB had failed. Do you agree with me that we now have the TRX building?

Nur Aida: Yes, I say that 1MDB suffered losses because TRX was not developed using 1MDB investment money as it was meant to be in the earlier joint venture agreements. 1MDB had to obtain foreign investments from other companies to develop TRX.

Nur Aida said based on her investigation, funds to develop TRX, originally called Kuala Lumpur International Financial District (KLIFD), had been swindled, resulting in the need to attract foreign investments to continue the project.

In the proceedings yesterday, the defence completed its cross-examination of Nur Aida, who is considered the prosecution’s star witness.

Nur Aida took the stand for a cumulative 16 days.

Najib, 70, is on trial for 25 charges in total – four for abuse of power that allegedly brought him financial benefit to the tune of RM2.28bil; and 21 charges for money laundering involving the same amount of money.

The hearing continues before Justice Collin Lawrence Sequerah today.
1mdb
KUALA LUMPUR: Billions of ringgit that were poured into investments by 1Malaysia Development Bhd (1MDB) failed to bring any profit to the country.