Wednesday, 09 Oct 2019 07:13 PM MYTFormer 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi arrives at the Kuala Lumpur Courts Complex October 9, 2019. — Picture by Shafwan Zaidon
KUALA LUMPUR, Oct 9 — The now-defunct Terengganu Investment Authority that later became 1Malaysia Development Berhad had an urgent need in 2009 to borrow RM5 billion by issuing bonds, partly due to businessman Low Taek Jho’s claim of a proposed plan to develop Pulau Bidong in Terengganu that was “real” and not imaginary, the company’s former CEO insisted today.
Lead defence counsel Tan Sri Muhammad Shafee Abdullah was grilling TIA and 1MDB former chief executive, Datuk Shahrol Azral Ibrahim Halmi on whether the project was indeed “real”. Shahrol explained that TIA was rushed to issue the bonds as Abu Dhabi’s investment arm Mubadala had expressed interest to invest in the Pulau Bidong project.
Shahrol said TIA needed to raise the funds in order to have the financial muscle before Mubadala would invest.: At that point, I was shown some early plans that had basically a diagram of the island where the hotel was going to be built and I remembered even having discussions with the CEO of Mubadala Real Estate and Hospitality... about that plan. So at that time, I thought it was a real project.: At that time...
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