18 Sep, 2020 01:15 am

I wanted to quit as I had no control of company finances, says ex-1MDB CEO

Hazem Abdul Rahman tells court that he decided to resign from 1MDB after being told by Jho Low not to touch the company's funds overseas.

Hazem said after buying both Tanjong Energy and Genting Sanyen Sdn Bhd’s IPPs, the company bought another IPP company, Jimah Energy Ventures Sdn Bhd.8 billion that we had outside of Malaysia was still around or if it had been spent for Umno,” Hazem said, adding only Low and then 1MDB general counsel (Jasmine) Loo Ai Swan had control of the funds kept abroad.“All my subordinates refused to replace me because this CEO role is prone to political exposure,” Hazem said.“It was the right time for me to leave officially as the president’s portfolio is the same as the CEO’s,” Hazem said.

On the planned public-listing of a 1MDB subsidiary, Hazem said that it failed to materialise because of bad press and anchor investors, such as the Employees Provident Fund, not supporting the move.The witness added that he was worried about 1MDB’s financial position in 2014, and doubted the company’s ability to service a Maybank loan, taken in 2012, to purchase Tanjong Energy Sdn Bhd’s independent power producer (IPP).

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