KUALA LUMPUR (Dec 9): Former prime minister Datuk Seri Najib Razak has denied he had any private interest in speeding up a US$3 billion (RM13.36 billion) government-backed loan for 1Malaysia Development Bhd (1MDB) when he signed off on a letter of comfort for the setting up of a purported US$6 billion joint venture (JV) between 1MDB and Aabar Investments PJS for the development of the Tun Razak Exchange, or TRX, in Kuala Lumpur.

However, it was later revealed that 1MDB had been dealing with a sham company that shared the same name as the real Aabar, a subsidiary of Abu Dhabi's International Petroleum Investment Co, or IPIC.

Najib also denied he had planned the whole thing with fugitive businessman Low Taek Jho, or Jho Low.

Testifying in his defence in the 1MDB-Tanore trial, Najib said that allegations he had private interest in the matter was “unfounded”.

“Those allegations are baseless and unfounded, I have never planned anything of that sort with Jho Low or even anyone for that matter,” he said.

The former PM also “categorically denies” he had any personal interest in approving the JV.

Najib admitted that he had made a notation on a letter from 1MDB to him urging then Treasury secretary general Tan Sri Mohd Irwan Serigar Abdullah to expedite the loan process from the Finance Ministry (MOF).

In the letter, Najib had scribbled: “Irwan, please deal with matter immediately (sila uruskan perkara dengan segera).”

Najib said the letter to him from 1MDB was sent by its then managing director and chief executive officer Datuk Shahrol Azral Ibrahim Halmi.

The letter from Shahrol, dated Jan 15, 2013, stated that Sheikh Mohamed bin Zayed Al-Nahyan, the Crown Prince of Abu Dhabi, wished to conclude the JV in conjunction with his planned official visit to Malaysia in early February 2013.

“That representation and the timeline fixed would in and of itself mean that the letter of comfort would have to be prepared within a very short period of time, approximately two weeks from the date of the letter. As the finance minister, I was told that the process at MOF would probably take a while. That was why I had requested for the process to start forthwith,” he said.

He said the speed at which the direction was given to Irwan was due to Shahrol’s letter and the mentioned Sheikh Mohamed’s tight timeline.

He said he had left the proposal and finalisation of the JV to the management, and did not interfere.

“As I have always maintained, I left the proposal and its finalisation to the hands and good judgements of the management and board of directors of 1MDB as I would not meddle in their affairs and decisions,” he said.

Najib is facing 25 charges in this trial: four for abuse of power and 21 for money laundering.

The trial before judge Datuk Collin Lawrence Sequerah continues. 

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