Witness says there was no issue on legality of 1MDB's US$1 billion transfer
12 days ago
KUALA LUMPUR: A former banker today said the question of legality concerning 1Malaysia Development Bhd's (1MDB) transfer of US$1 billion to PetroSaudi International Ltd in 2009 was never raised when the transaction happened in 2009. Former head of global marketing for Deutsche Bank Jacqueline Ho said Bank Negara Malaysia (BNM) had then given its approval and the bank was told the funds would be derived from the issuance of public bonds. She added that BNM had always been very stringent when it came to remittance approvals and it was always granted only after the necessary due diligence exercise.