Shahrol to take stand again as trial continues

Shahrol to take stand again as trial continues
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KUALA LUMPUR (Aug 6): Former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi will once again take the stand as the trial continues today.

Shahrol, who has been on the witness stand since September last year is nearing detailing the end of his tenure at 1MDB which ended in March 2013.

Yesterday, when elaborating on the inner workings of 1MDB and fugitive financier Low Taek Jho or Jho Low, Shahrol admitted that it was Low’s modus operandi to name his offshore companies after already established companies to lend them credibility.

Lawyer Wan Aizuddin Wan Mohammed who was cross-examining Shahrol, had asked him about Low’s motivations to do this.

Shahrol said he could not comment Low’s motivations but he did notice that this was indeed a habit of Low’s.

This came up when Shahrol was asked about a name change of a company Abu Dhabi Malaysia Investment Company (Admic) Ltd, a company that was originally registered as Malaysian Abu Dhabi Investment Company (Madic) on March 5,2013.

The name was changed to Admic on March 12 that same year.

Admic was coincidentally Abu Dhabi Media Investment Corp, which also bore the same acronym Admic and owned by Sheikh Mansour bin Zayed Al Nahyan and British Sky Broadcasting.

Shahrol said it was his first time hearing the name and agreed that the acronym was the same.

This was when he admitted that this had been a habit of Low’s.

The Edge is covering the trial live here.

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