Ex-1MDB CEO: Regardless of IPIC's bond guarantee, govt ultimately liable

1MDB TRIAL | Although UAE's International Petroleum Investment Co (IPIC) had guaranteed 1MDB's bonds worth US$1.75 billion in 2012, Malaysia was the ultimate guarantor, the Kuala Lumpur High Court heard today.

During cross-examination by ex-premier Najib Abdul Razak's defence counsel Wan Aizuddin Wan Mohammed, former 1MDB CEO Shahrol Azral Ibrahim Halmi testified that 1MDB and IPIC entered into an inter-guarantor agreement in May 2012.