The High Court here today was told that the board of directors (BOD) of the 1Malaysia Development Berhad (1MDB) had granted approval to 1Malaysia Energy Holdings Ltd (1MEHL) to obtain two loans totalling US$1.225 billion with Deutsche Bank AG in 2014.

Former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi, 49, said the first loan of US$250 million was made on May 22, 2014, and the second loan of US$975 million on Aug 21, 2014, for the purpose of settlement payment of the ‘Aabar Option’.