Ex-CEO: 1MDB funds used to buy land in Penang, linked to GE13

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1MDB TRIAL | Part of the US$3 billion (RM12.4 billion) bond raised by 1MDB in 2013 was used to acquire land in Ayer Itam, Penang, the Kuala Lumpur High Court heard today. According to former 1MDB CEO Mohd Hazem Abdul Rahman (above), the land became part of Umno's campaign material. "When Najib (Abdul Razak, the accused) was campaigning in Penang, he said during a ceramah that the land would be developed by 1MDB to build affordable housing in Ayer Itam," Hazem said. Hazem did not go into details on the land acquisition. It was raised in passing when he was reading his 110-page witness statement at the High Court today. During the portions he read yesterday, Hazem said he was informed by fugitive businessperson Low Taek Jho, also known as Jho Low, and Najib's former political secretary Azlin Alias that 1MDB was set up to help fund Umno. On May 1, 2013, the former pr…