‘Project PITA’ short for ‘pain in the ass’ because of difficulty converting 1MDB’s overseas investment back into cash, says ex-CEO
Former prime minister Datuk Seri Najib Razak leaves the Kuala Lumpur Court Complex May 21, 2020. — Picture by Hari Anggara
Shahrol was testifying as the ninth prosecution witness in Datuk Seri Najib Razak’s power abuse and money-laundering trial involving more than RM2 billion of 1MDB funds. Shahrol pointed out that 1MDB’s management was aware of various matters that it had to consider in efforts to bring back funds, such as its impression of the 1MDB-PSI joint venture being a purported government-to-government deal between Malaysia and Saudi Arabia, as well as Saudi’s quota on the number of visitors from Malaysia that could visit each year for Haj.
Shafee then remarked “are you buying pita bread” and asked if anyone in the 1MDB board of directors had ever asked him why the project was named “PITA”, but Shahrol said such a question never arose.
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