Malaysia

Overall, 1MDB gained more money for M’sia than lost: Shafee

Datuk Seri Najib Razak’s lawyer points to penalties paid by banks, institutions linked to scandal

Updated 3 years ago · Published on 03 Apr 2023 12:41PM

Overall, 1MDB gained more money for M’sia than lost: Shafee
Tan Sri Muhammad Shafee Abdullah claims that the country is benefitting from the penalties imposed on banks or institutions found to have been involved in misdeeds relating to sovereign wealth fund 1MDB. – AFP pic, April 3, 2023

by Qistina Nadia Dzulqarnain

KUALA LUMPUR – Lawyer Tan Sri Muhammad Shafee Abdullah, who is representing former prime minister Datuk Seri Najib Razak in the SRC International Sdn Bhd case, has asserted that the nation did not suffer losses from the 1Malaysia Development Bhd (1MDB) financial scandal.

Shafee instead claimed that the country is benefitting from the penalties imposed on banks or institutions found to have been involved in misdeeds relating to sovereign wealth fund 1MDB.

“We are getting more money in return (compared to) all the money lost by 1MDB and (its subsidiary) SRC International.

“This is because the banks (such as) Goldman Sachs and BSI Bank are being punished and they have to pay penalties.

“In terms of (financial) losses, we are okay, the country – including 1MDB – is alright,” he told reporters when met at the court complex here today.

Last month, Deputy Finance Minister Datuk Seri Ahmad Maslan said that to date, the government has paid RM43.8 billion of 1MDB’s debt, with a debt balance amounting to RM9.7 billion involving a principal of RM5 billion and RM4.7 billion interest.

Earlier today, the trial for Najib and ex-treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah for six criminal breach of trust charges totalling RM6.6 billion was postponed to May.

Shafee, representing Najib, had told the court that the defence team believes there are ongoing discussions by the government involving the funds related to International Petroleum Investment Company (Ipic) under the duo’s charges.

Commenting on the matter, Shafee said that Najib’s representation letter to the Attorney General’s Chambers (AGC) considers how the charges all involve funds related to Ipic, which he claims will be returning the monies.

“The money involved in the charges all have to do with Ipic, (which is) the one who took (the money). If they return the money, then this has nothing to do with him (Najib) already,” he said.

In February, it was reported that Ipic and Aabar Investments PJS (Aabar PJS) have agreed to pay US$1.8 billion (RM8.1 billion) to the Minister of Finance Incorporated and 1MDB.

This came after a London judge in November gave the go-ahead to Malaysia to press its case against Abu Dhabi’s state-owned Ipic and Aabar PJS for their role in the 1MDB scandal.

The Malaysian government had challenged a 2017 arbitration settlement between the two sides in the UK, arguing that Ipic and Aabar PJS were aware of fraud allegations against Najib at the time the deal was struck. – The Vibes, March 3, 2023

Related News

Malaysia / 3w

‘We need more healthcare professionals, not corrupt politicians’ (video)

Malaysia / 3w

Anwar surprised by Najib's new pardon attempt

Malaysia / 1mth

Najib raises objections to 80% of ex-1MDB CEO’s witness statement over hearsay

Malaysia / 1mth

US$620 million returned, not to Najib's account - Angela

Malaysia / 1mth

1MDB audit did not cover Najib’s personal accounts, court told

Malaysia / 1mth

Shafee seeks to strike out parts of Tony Pua's statement

Spotlight

Malaysia

Organ and stomach samples collected from bull elephant found dead in Kinabatangan River

Off beat

Budget 2027: Hoteliers hope for better incentives, operating subsidies

By Ian McIntyre

Malaysia

Another desperate attempt by Nadzaruddin and former Undangs

Malaysia

Meta admits technical error led to some WhatsApp accounts being suspended

By Alfian Z.M. Tahir

Malaysia

Khalid: ‘Sakau politics’ image synonymous with UMNO-BN

By Alfian Z.M. Tahir

Malaysia

Police investigate motivational speaker over alleged child sexual harassment in Perlis

Malaysia

Eight-year-old girl awarded RM2.2m after brain damage caused by birth negligence

Malaysia

Stop feuding and focus on the people, Sultan of Selangor tells political leaders

Malaysia

Minister urges social media users to respect privacy surrounding Tun Dr Mahathir

Malaysia

Anti-corruption fight cannot depend on one man

By The Vibes Says

You may be interested

Malaysia

MMA urges Budget 2027 action on healthcare staff shortages

By Alfian Z.M. Tahir

Malaysia

Police probe possible gangland link in Bidor businessman shooting

Malaysia

Budget 2027: Anwar assures university students will receive due attention

Malaysia

Massive commuter gridlock hits SIC and KLIA2 following Bahrain Grand Prix

Malaysia

MACC chief urges staff to confront weaknesses, learn from mistakes

Malaysia

Selangor’s private sector must grant paid leave if Oct 25 chosen as state public holiday

Malaysia

JPJ suspends MYEG and Zetrix as collection agents starting Monday

Malaysia

The persistent appeal of an Islamic state in Malaysia