KUALA LUMPUR: Datuk Seri Najib Razak’s conduct and actions in multiple instances related to 1Malaysia Development Bhd (1MDB) clearly demonstrated his vested interest in the sovereign wealth fund, the High Court heard.
Deputy public prosecutor Ahmad Akram Gharib said that it is the prosecution’s duty to prove Najib’s involvement and personal interest in 1MDB to obtain illicit gains on the four charges of abuse of power.
He was submitting at the close of the prosecution’s case in the trial of the former prime minister, who is accused of misappropriating RM2.3bil in 1MDB funds, Bernama reported.
“One of the earliest key instances where Datuk Seri Najib is seen to safeguard his personal interests within the company is the changing of the name from Terengganu Investment Authority (TIA) to 1MDB.
“Najib’s special officer PW8 (8th prosecution witness) Amhari Effendi Nazarudin confirmed that the accused wanted TIA to become a special vehicle for strategic investments overseas where fugitive businessman Low Taek Jho or Jho Low would act as a director.
“Not long after TIA was taken over by the Finance Ministry, where the accused was the Finance Minister at the time, the name was changed to 1MDB on Sept 25, 2009.
“Evidence shows that the accused caused amendments to be made to Articles 117, 68 and 93 of 1MDB Memorandum & Articles to place himself in sole control of important matters concerning the business and affairs of the company,” he said.
Ahmad Akram further submitted that Tan Sri Mohd Bakke Salleh, the former chairman of 1MDB and the 15th prosecution witness (PW15), testified that during a board of directors (BOD) meeting on Sept 26, 2009, Jho Low who had no official role in 1MDB-handed his phone to Mohd Bakke, with Najib on the line.
“The accused, who was on the line, instructed the BOD to firm up a decision to finalise a joint venture with Petrosaudi International amounting to US$1bil despite grappling with the botched RM5bil fundraising exercise from IMTN (Islamic medium-term notes).
“PW15 also testified that the accused asked him to forget the past, referring to the IMTN issues.
“PW15 testified that at the point of the phone conversation, the BOD was still making inquiries regarding the IMTN. PW15 also said that the decision not to record that phone call in the meeting minutes was to protect the accused,” he said.
Ahmad Akram submitted that during Najib’s tenure, the Malaysian government expedited the issuance of a government guarantee (GG) for a 1MDB subsidiary’s new US$3bil loan in 2013, bypassing proper procedures, as this GG was reportedly what Najib had sought.
“The Letter of Support dated March 14, 2013, signed by the accused as the Finance Minister, effectively acted as a government guarantee for the US$3bil debt. This meant the Malaysian government had to bear the debt if the 1MDB subsidiary was unable to make repayments.
“The fundraising of US$3bil in 2013 happened in the blink of an eye and according to PW42, former Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah, who testified that the accused instructed him to expedite the matter in January 2013, the bond was raised without due diligence and only based on a few sheets of documents supplied by 1MDB,” said Ahmad Akram.
Ahmad Akram said Najib also systematically ousted former finance minister II Datuk Seri Ahmad Husni Hanadzlah from handling 1MDB matters when he silenced Ahmad Husni’s caution to 1MDB by uttering “I am going to go ahead”.
Ahmad Akram said this conduct clearly demonstrated that Najib had a vested interest in 1MDB when he excluded Ahmad Husni as the only other person, who had any form of influence over the company, within the ministry.Najib, 71, faces four charges of abusing his position to obtain RM2.3bil from 1MDB funds at the AmIslamic Bank Berhad branch on Jalan Raja Chulan, Bukit Ceylon, between Feb 24, 2011, and Dec 19, 2014.
He also faces 21 money laundering charges involving the same amount at the same bank between March 22, 2013 and Aug 30, 2013.
Najib is charged under Section 23(1) of the MACC Act 2009 and Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act. The submission before Justice Collin Lawrence Sequerah continues.
