Former 1MDB CEO Shahrol Azrol Ibrahim took orders directly from former Prime Minister Najib Razak when the sovereign wealth fund lost S$700m, former second finance minister Ahmad Husni Hanadzlah told the Kuala Lumpur High Court yesterday.
1MDB had taken a $1bn loan from Deutsche Bank to obtain a 40% share in the 1MDB-Petrosaudi joint venture project.
However, only $300m was remitted to the joint venture company, while $700m went to Good Star, a company controlled by Low Taek Jho, at RBS Coutts Bank.
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