Najib’s Vested Interest in 1MDB Exposed in Court Trial

In a significant development in the high-profile 1MDB trial, the prosecution has outlined how Datuk Seri Najib Razak’s conduct demonstrated a vested interest in the 1Malaysia Development Berhad (1MDB) funds. DPP Ahmad Akram Gharib presented these points to the High Court, underscoring the former Malaysian Prime Minister’s personal involvement in misappropriation practices linked to the sovereign wealth fund.

The case, unfolding in Kuala Lumpur, revolves around Najib’s alleged actions in altering the company’s trajectory from its original incarnation, the Terengganu Investment Authority (TIA), to 1MDB. A significant move highlighted during the proceedings was Najib’s influence in renaming TIA to 1MDB. According to Amhari Effendi Nazarudin, Najib’s special officer, Najib intended to leverage 1MDB for strategic investments overseas with fugitive businessman Low Taek Jho, also known as Jho Low, playing a pivotal role.

The prosecution argued that Najib used his position as Finance Minister to amend key articles of the 1MDB Memorandum & Articles of Association, effectively placing himself in control of critical business decisions. This assertion was supported by the testimony of Tan Sri Mohd Bakke Salleh, former chairman of 1MDB, recounting a direct phone directive from Najib to expedite a joint venture with Petrosaudi International, despite earlier challenges in raising funds through Islamic medium-term notes (IMTN).

Further revelations during the trial include Najib’s direct actions to supersede traditional protocol. This is evident in the handling of a 2013 government guarantee for a 1MDB subsidiary loan. Ahmad Akram highlighted that Najib personally signed a Letter of Support, effectively bypassing due procedures, an occurrence confirmed by Tan Sri Mohd Irwan Serigar Abdullah, former Treasury secretary-general.

Despite caution from the then-second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, Najib reportedly excluded Husni from 1MDB-related discussions, insisting on proceeding with actions concerning 1MDB investments. Husni testified to Najib’s firm stance against his involvement after he recommended conducting feasibility studies for 1MDB’s ventures.

These testimonies and actions underscore the prosecution’s argument that Najib had a vested interest in 1MDB’s operations, seeking personal gains at the state fund’s expense. As the court case progresses under Justice Datuk Collin Lawrence Sequerah, the former prime minister faces charges including abuse of power and money laundering linked to this high-profile financial scandal.

The proceedings continue, with the prosecution intent on substantiating Najib’s direct involvement and personal interest in the misappropriation of 1MDB funds, highlighting a complex web of influence and control exerted over the sovereign wealth fund during his tenure.