KUALA LUMPUR: Former 1Malaysia Development Berhad (1MDB) general counsel Jasmine Loo Ai Swan testified in the High Court today that fugitive financier Low Taek Jho regarded Riza Aziz, stepson of former prime minister Datuk Seri Najib Tun Razak, as a close friend.
Loo, 51, said she believed that Jho Low had a close relationship with Riza Aziz, whose full name is Riza Shahriz Abdul Aziz, as the two had gone on a family holiday together in Whistler, Canada, on which she had also gone along.
“I first met Riza Aziz on a ski trip with Jho Low and his family in Whistler, Canada, between December 2012 and January 2013.
“Subsequently, after I left my employment at 1MDB, I met and became acquainted with him (Riza Aziz) on other occasions when I travelled overseas with Jho Low,“ said Loo in her witness statement today.
Loo is a witness for the plaintiffs, 1MDB and its three subsidiaries—1MDB Energy Holdings Limited, 1MDB Energy Limited, and 1MDB Energy (Langat) Limited—in a lawsuit against Riza Shahriz and his two companies.
The defendants are accused of misusing approximately USD248 million in funds for personal gain, including financing a film and purchasing various properties.
Under cross-examination by Riza Shahriz’s counsel, Wan Azwan Aiman Wan Fakhruddin, Loo was asked if she had attempted to portray the first defendant as Jho Low’s close friend in her testimony.
Loo clarified, “I said I believe that,“ explaining that her understanding was based on personal observations.
Wan Azwan Aiman: So you formed that assumption based on your testimony that you met the first defendant during a ski trip in Canada. Is that your benchmark of a close friend?
Loo: I was giving an example.
Wan Azwan Aiman: You were there on the ski trip as well. Would that not make you a good friend of Jho Low too?
Loo: I am not denying that.
The witness further stated that she was not aware of a USD700mil transfer from 1MDB to Good Star Ltd, a company linked to Jho Low, as a purported repayment of an advance.
During her time at 1MDB, Loo stated that she was unaware of a bank account at City National Bank in Los Angeles and had no knowledge of an over USD10 million transfer into the said account intended as the operating account for Red Granite Pictures.
In 1MDB’s opening statement last week, the sovereign wealth fund said the first tranche of USD10.173 million paid to Red Granite Pictures was from Good Star Ltd, a company controlled by Jho Low.
It added that the USD248 million that Red Granite Capital received was actually from bonds raised by 1MDB for the purchase of several power plants.
In May 2021, 1MDB and its three subsidiaries 1MDB Energy Ltd, 1MDB Energy Holdings Ltd, and 1MDB Energy (Langat) Ltd, filed the suit against Riza Shahriz, Red Granite Pictures Inc and Red Granite Capital Ltd.
The plaintiffs are seeking a declaration that Riza Shahriz is responsible for the misappropriated funds, and therefore, are demanding a repayment.
1MDB claimed that Riza Shahriz had misappropriated their funds from Jho Low or was wilful and reckless in failing to make relevant inquiries as to the sources of the funds.
In a statement of defence filed on Oct 25, 2021, Riza Shahriz and his two companies claimed to have obtained a loan from the Saudi royal family or the International Petroleum Investment Company to produce several films in the United States.
The trial before Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan resumes on Oct 28.
