The Tun Razak Exchange, a 70-acre development by 1MDB in the heart of Kuala Lumpur, was one of the domestic projects eyed for investment.
“We wanted to bring back the money to invest in 1MDB projects in Bandar Malaysia and the Tun Razak Exchange,” former 1MDB CEO Shahrol Azral Ibrahim Halmi said during cross-examination by lawyer Muhammad Shafee Abdullah. In the prosecution’s opening statement, it was revealed that 1MDB had borrowed US$1 billion in 2009, purportedly to invest in the joint venture in which it held a 40% share.
In March 2010, 1MDB entered into what was known as a Murabaha finance agreement where the US$1 billion was converted into useless Murabaha notes. It was also required to invest another US$500 million.
Source: Law Daily Report (lawdailyreport.net)
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