🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Malaysia's 1MDB trial continues: Bank analyst's testimony challenged

EditorAmbhini Aishwarya
Published 10/11/2023, 01:01 AM
© Reuters.

The ongoing trial involving former Malaysian Prime Minister Datuk Seri Najib Razak and the alleged misappropriation of RM2.28 billion ($543 million) from 1MDB, a state investment fund, saw significant developments on Wednesday. The defense led by Tan Sri Muhammad Shafee Abdullah has challenged the validity of a key witness's testimony.

Adam Ariff Mohd Roslan, an analyst from Bank Negara Malaysia, has been providing detailed analysis tracing billions of ringgit from 1MDB funds to Najib's personal account. The defense team, however, argued that Ariff's testimony was based on intelligent guesswork rather than concrete evidence due to his non-expertise. They also pointed out that Ariff is the 47th prosecution witness, factors that potentially render his testimony irrelevant in this high-stakes case.

Despite these challenges, Ariff stood firm in his cross-examination at the Kuala Lumpur High Court. The prosecution emphasized his role as a witness of fact, with the judge allowing relevancy issues to be addressed during oral submissions.

Najib faces charges of abuse of power and money laundering involving the substantial sum from 1MDB, with severe consequences if convicted. This case serves as a stark reminder of the need for transparency and accountability in public office and could potentially reshape Malaysia's political landscape.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.