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RM111.1 million will be primarily for the group's business expansion, while the remaining RM55.5 million will go to the selling shareholders via an offer-for-sale.

Shahrol testified that the RM70,000 was used to pay the fee to increase TIA's issued and paid-up capital.

The iconic tower, which is phase 1 of Merdeka 118, offers 83 floors of office space of about 20,000 sq ft per floor and will have under-floor air-conditioning among other features.

Kinsteel had been classified as an affected issuer under PN17 in October 2016.

Zeti said PNB is regulated by the Securities Commission Malaysia and, as such, adopts a very strict, rigorous and robust governance process.

In his attempt to have Sharol's testimony dismissed, one of the cases which Shafee referred to was how the Federal Court allowed an appeal in the Alcontara Ambrose Anthony v PP (1996) case, partly because the initial judgement relied on hearsay evidence.

Sharol, who is the prosecution's ninth witness, provided the court yesterday with some examples of incidences that led him to believe Low, also known as Jho Low, had a strong rapport with the former premier.

The deadline was about a month after TIA issued a letter outlining the key terms of the IMTN programme, dated April 26, 2009.

“We wish to clarify that the board of directors has not made nor received any corporate proposal as reported in the media from any party for its consideration.”

The initiative will be led by it’s Malaysian subsidiary CPCG Holdings Sdn Bhd, which had inked a MoU with Terengganu Jiangsu Trade Organisation.