KUALA LUMPUR: Bank Negara had rejected an application from 1Malaysia Development Bhd (1MDB) for permission to borrow approximately RM4.9bil in funds from offshore sources in 2014, the High Court heard.
Former Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz testified that the application was rejected due to the company's high level of debt.ALSO READ :The application for billions in ringgit funds was made on June 3, 2014, about a year before foreign financial regulators informed Bank Negara of the possibility of misappropriation on 1MBD's funds.
However, 1MDB had failed to give any information about any funds kept overseas as they were non-existent. She said Bank Negara did not receive any instructions nor was it contacted by Najib over the loan issue.
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