News by Emir Zainul

Taliworks added that RM626.1 million of the total sale consideration has been paid by Starbright to its wholly-owned unit Sungai Harmoni Sdn Bhd, from the proceeds of the asset-backed medium term notes the SPV had previously issued to purchase the receivables.

It is also proposing recurrent related party transactions to be entered into by Niche and its subsidiaries and associates with related parties pursuant to the proposed diversification.

In a filing with Bursa Malaysia yesterday, Puncak Niaga said the application is not expected to have any material operational or financial impact on the company.

A directors’ circular resolution (DCR) from 1MDB’s board dated Oct 11, 2011 that bore the signatures of 1MDB directors Tan Sri Lodin Wok Kamaruddin, Tan Sri Ismee Ismail, Datuk Shahrol Azral Ibrahim Halmi, Tan Sri Ong Gim Huat and Ashvin Jethanand Valiram was attached with a special rights redeemable preference shareholder’s resolution in writing dated Sept 15, 2011 that bore Najib’s signature.

He maintained that there is a need for a writing expert to verify the authenticity of the documents and the signatures.

Former PM Datuk Seri Najib Razak last week filed a suit against the bank and the banker over the management of accounts under his name used to divert funds from SRC International Sdn Bhd.

He said this in reply to Thomas' retort during the cross-examination, as the latter accused Najib of doing nothing when the funds were revealed to be transferred overseas.

Najib said the movement of the money was an operational matter, and that as the Finance Minister and advisor emeritus of SRC, he was only concerned with policy matters.

As such, Thomas alleged that the decisions were made solely on Najib's directives without going through any board of directors.

This is despite attorney-general Tan Sri Tommy Thomas bringing out the KWAP investment paper to the board that initially recommended a RM1 billion cap, followed by minutes of the second meeting by the fund’s investment panel where its chairman Tan Sri Wan Abdul Aziz Wan Abdullah said Najib had told him that “RM2 billion was sufficient”.