Witness unsure if 1MDB obtained BNM permission for huge transactions

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A former chief executive officer (CEO) of 1Malaysia Development Berhad (1MDB) yesterday told the Kuala Lumpur High Court that he was not sure whether the company had obtained permission from Bank Negara Malaysia (BNM) to transfer huge amounts of money to various entities.Mohd Hazem Abdul Rahman (above), 49, said this during cross-examination by Najib Abdul Razak’s lead counsel Muhammad Shafee Abdullah at the former prime minister’s trial on the misappropriation of RM2.3 billion from 1MDB funds.Shafee was questioning the 10th prosecution witness on the US$975 million (RM4.1 billion) loan taken by 1MDB from Deutsche Bank for the purpose of a buy-back option from one of its investment partners.The lawyer said that parts of the said loan were not used for the real purpose but had been transferred from 1MDB Energy Holdings Limited in two tranches (US$223 million and US$475 million)…