News by Adam Aziz

Dr M: "I only know that the land was sold to Bank Negara. What happens after that, I don’t know. Where the money goes, I don’t know."

The new RM13.11 billion price tag for the underground portion excludes interest during construction, land acquisition costs and other costs, according to the MoF.

The Ministry of Finance, in a statement, said MMC-Gamuda KVMRT (T) Sdn Bhd will remain as the contractor for the underground portion of the MRT2 project.

Najib described the 1MDB-IPIC deals as “swapping assets with debts” and said that 1MDB will obtain US$6 billion in total from the series of agreements, without elaborating. He also urged the present government to disclose the settlement agreement to the public.

When asked if the diversion of the funds by Najib and Irwan breached any procedures, Muhammad Shafee said: “Not from my client’s perspective. This has been done many, many times before, even today. “At least two payments have been made by the current government to IPIC. So how did they meet the deadline?” questioned Muhammad Shafee.

Najib, Irwan Serigar charged with misusing RM6.3 billion to pay IPIC and Chinese contractors.

“My conscience is clear,” Najib told the media about his partaking in the decision to divert the funds.

"The first two charges [totalling RM1.855 billion] are related to infrastructure projects… ECRL (East Coast Rail Link) and gas pipeline projects," said Shafee.

Tan Sri Muhammad Shafee Abdullah confirmed in court today that his client (Najib Razak) had used part of the monies to repay 1MDB debt including the US$1.2 billion borrowed from IPIC.

Part of the monies has been slated for certain purposes including the management expenditure of KLIA and 1Malaysia People's Aid (BR1M), reportedly under the Budget 2017 allocation