1MDB funds used to purchase land in Penang for low-cost flats, says witness

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Former 1MDB CEO Mohd Hazem Abdul Rahman told the Court that the state investment arm had never discussed the purchase of land in Penang in any meeting.KUALA LUMPUR: Former 1MDB CEO Mohd Hazem Abdul Rahman told the High Court in Najib Razak’s trial that part of the US$3 billion raised for the Tun Razak Exchange (TRX) and Bandar Malaysia projects was instead spent on the purchase of land in Ayer Itam, Penang for building low-cost flats. He said that during the 2013 general election campaign, the former prime minister had announced that the land will be developed by 1MDB. “The funds generated from the US$3 billion bonds had been spent as part of an initiative by Umno for their election campaign. “However, we (1MDB) had never discussed this Penang land purchase in our meetings. The funds were meant for TRX,” Hazem said. The witness added that after taking charge in 1MDB, he became awa…