US$3 BILLION development for TRX diverted into Najib’s account

In the 1MDB trial against former Malaysian Prime Minister Datuk Seri Najib Razak, Justice Datuk Collin Lawrence Sequerah highlighted evidence that the US$3 billion bond issuance, initially meant for
Tun Razak Exchange (TRX) project, was instead diverted into Najib’s bank account. The judge referred to testimony by Bank Negara analyst Adam Ariff Mohd Roslan, who explained the fund’s swift transfer, with Bank of New York Mellon Group disbursing it to 1MDB Global Investment Limited (1MDBGIL) in March 2013 after Najib signed a letter of support.

TRX Bond

Najib was involved at every level, from his role as Minister of Finance to 1MDB’s sole shareholder, ultimately approving the bond issuance. Although Najib’s defense argued that others influenced decisions, Sequerah determined Najib acted decisively at critical points, demonstrating control over the transaction. Testimonies from former 1MDB officers supported the prosecution’s case, with witnesses noting that Najib signed all related resolutions and loan agreements, including a $250 million loan for share buybacks from Aabar, which led to another $975 million loan to refinance the first.

The judge’s findings resulted in Najib being called to defend himself against four charges of abuse of power involving RM2.3 billion in 1MDB funds and 21 related money laundering charges, citing strong evidence against him on all 25 counts.

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