1MDB wanted to recover US$2.3 billion invested in overseas company, court told

The Kuala Lumpur High Court was yesterday told that 1MDB wanted to recover the US$2.3 billion invested in Bridge Global Absolute Return Fund SPC.

Former 1MDB company secretary Goh Gaik Kim, 54, said the matter was discussed at a meeting she had attended on Nov 11, 2013.

The 17th prosecution witness, who was referred to the minutes of the meeting, said that among the items discussed was the directive of 1MDB board members to bring back the investment in Bridge Global Absolute Return Fund SPC to Malaysia.

“Former 1MDB CEO Mohd Hazem Abdul Rahman said there were no plans for the liquidation of the investment portfolio. He added that the first half-year dividend of about 3% had just been received.

“KPMG Malaysia, 1MDB’s audit firm, also requested several documents to ensure that the 1MDB Group investment in the Bridge Global Absolute Return Fund SPC had been recorded at fair value,” she said when reading out her witness statement at the trial of former prime minister Najib Razak for charges of embezzling 1MDB funds worth RM2.3 billion.

Previously, the court heard that KPMG had yet to sign off on the audit for 1MDB’s financial statement for the financial year ending March 31, 2013, as 1MDB had yet to provide the information that KPMG had been asking for since April 2013.

Najib, 68, faces four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB and 21 charges of illegal money laundering involving the same amount.

The trial will resume today.