Friday 29 Mar 2024
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While being cross-examined by lead defence counsel Tan Sri Muhammad Shafee Abdullah in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial of former prime minister Datuk Seri Najib Razak, Yu said she would also meet with the fugitive financier on weekends at Jho Low’s 8 Kia Peng apartment.

KUALA LUMPUR (Dec 8): Former AmBank relationship manager Joanna Yu admitted that she had a close working relationship and friendship with fugitive financier Low Taek Jho, better known as Jho Low.

While being cross-examined by lead defence counsel Tan Sri Muhammad Shafee Abdullah in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial of former prime minister Datuk Seri Najib Razak, Yu said she would also meet with the fugitive financier on weekends at Jho Low's 8 Kia Peng apartment.

Muhammad Shafee: You developed a close relationship with Jho Low?

Yu: Yes.

Muhammad Shafee: As a banker [and] as a friend?

Yu: Yes.

Muhammad Shafee: I'm not suggesting an inappropriate relationship. I'm just suggesting you were close to him.

Yu: Yes.

The meetings at Jho Low's apartment primarily revolved around a loan to Majestic Masterpiece Sdn Bhd, a company linked to the financier.

Yu said they were never alone during these meetings as there were always others around, namely former 1MDB executive director Casey Tang, former 1MDB general counsel Jasmine Loo Ai Swan, Jho Low's aide Kee Kok Thiam, former group executive director of Putrajaya Perdana Bhd Jerome Lee and Tan Vern Tact, who is an associate of Jho Low.

Notably, many of these individuals are also currently on the run and their whereabouts are not known.

Muhammad Shafee: He has got this habit of calling bankers like you to go to his apartment, rather than him coming to the bank?

Yu: Yes.

Muhammad Shafee: Alright. Why did you oblige it?

Yu: It would usually be weekends that he is in town and then he says, 'Can you come and meet?'

Previously, Yu testified that she first met Jho Low in 2007 while she was assigned by her then team leader Chan Wan Seong to handle loans for Majestic Masterpiece.

The company was looking to acquire shares in two other companies, namely Loh & Loh Corp Bhd and Putrajaya Perdana.

Majestic Masterpiece is owned by Wynton Private Equity Group and Abu Dhabi Kuwait Malaysia Investment Corp (ADKMIC). Jho Low was one of the directors of Wynton.

Yu also testified that she did not know ex-PM Najib's former aide Datuk Amhari Efendi Nazaruddin "at all".

Jho Low, Tang told the bank they could get a govt guarantee for TIA-related RM5b bond issuance

Yu had also testified previously that not long after the Majestic Masterpiece loan was approved by the bank, and the acquisition of the entities was completed, Jho Low informed the bank that his team was looking to set up a sovereign wealth fund to raise funds to develop the state of Terengganu.

The assistance sought from the bank was in relation to submitting a bond issuance proposal for the sovereign wealth fund.

An initial meeting was held between Jho Low, Tang, former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi, Yu and AmBank officers Teng Chean Choy, Seohan Soo and Chan.

During this meeting, Jho Low and the company asked the bank to provide a proposal for a RM10 billion bond issuance, with a 30-year tenure.

On Thursday, Yu said that when the bank informed Jho Low and his team that their initial proposal for a RM10 billion bond issuance with a 30-year tenure was too high, they countered that they were confident they could get a government guarantee for RM5 billion.

Muhammad Shafee: Can you remember that Jho Low 'sold' to the bank that the Agong had convinced the federal government to do the guarantee?

Yu: I recall they (Jho Low and Tang) said that they could get the (federal government) guarantee for RM5 billion.

Najib, 69, is on trial on four counts of abuse of power and 21 counts of money laundering, involving RM2.28 billion of 1MDB funds.

He was previously found guilty of abuse of power in relation to a RM4 billion loan given by Retirement Fund (Inc) (KWAP) to 1MDB's former subsidiary SRC International Sdn Bhd between August 2011 and March 2012.

The trial before High Court judge Datuk Collin Lawrence Sequerah continues next Monday (Dec 12) with Yu still on the stand.

The Edge is covering the trial live here.

Users of The Edge Markets app may tap here to access the live report.

Edited ByLam Jian Wyn
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