KUALA LUMPUR: Fugitive businessman Low Taek Jho, better know as Jho Low, loaned RM70,000 to Datuk Shahrol Azral Ibrahim Halmi in 2009, in order to increase the share capital of Terengganu Investment Authority Berhad (TIA).
Shahrol told the court that he had told Low that TIA needed more funds and that it was an"emergency".
Shahrol said that he gave the RM70,000 to TIA in the form of a director's loan, and was later reimbursed for the same amount after the wealth fund had obtained proceeds from the bonds issued."So, I stopped asking and used the money for charitable purposes," he said, adding that one of the charitable acts he did using the money was to sponsor a group of orphans to watch a performance at Istana Budaya here.
"We were moving at super-speed as there was a sense of urgency and a sense that - at least for me - there is a need to prove to the stakeholders that we can be trusted to deliver," he said, adding that the stakeholders referred to were then-Yang Di-Pertuan Agong and Terengganu ruler Sultan Mizan Zainal Abidin and Najib.
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