Former 1MDB CEO says funds were transferred to a bogus company as security deposits for the acquisition of Tanjong Energy and Genting Sanyen

1MALAYSIA Development Bhd (1MDB) transferred US$1.37 billion (RM5.74 billion) to a bogus company with a name similar to Aabar as part of multibillion capital raising and acquisition of two private power plants, a key witness told the Kuala Lumpur High Court yesterday.