1MDB TRIAL | Najib Abdul Razak’s lead defence counsel Muhammad Shafee Abdullah denied key prosecution witness Jasmine Loo's characterisation of the former prime minister as a “monster” who led the fund’s board of directors like “lambs” to a slaughterhouse.
However, Loo reiterated that she was merely emphasising that the sovereign wealth fund’s board was influenced by Article 117 of its Memorandum and Articles of Association (M&A) to refer to Najib as both prime minister and shareholder, courtesy of the Minister of Finance Incorporated (MOF Inc).
MOF Inc was fully owned by 1MDB when Najib was finance minister and chairperson of the fund’s board of advisers.
The tense exchange took place during today’s RM2.27 billion 1MDB corruption trial against Najib at the Kuala Lumpur High Court.
Article 117 states that the prime minister has the final say in the M&A amendments, or appointment and dismissal of directors and highest management of 1MDB.
It also states that any investment, financial and structuring decision involving the company’s interests closely related to any national interest, security and government policy, must obtain written approval from the prime minister.
During proceedings before judge Collin Lawrence Sequerah this afternoon, Shafee was cross-examining Loo over her testimony on whether it was the board or Najib who was responsible for 1MDB deciding on investing billions of ringgit in deals that ultimately went nowhere and the money missing.
Shafee then asked the former 1MDB general-counsel to peruse a copy of Article 117, challenging her to show where it shows that 1MDB’s board blindly followed the will of Najib.
Shafee: Where is the inconsistency that made the prime minister (Najib) a monster and made him decide everything, and the board like lambs led to the slaughterhouse? Where does it say that?
Loo: Although it does not refer specifically in Article 117, in substance the individual is the same. 1MDB (board) treated shareholder representative Najib as giving approval in a capacity as prime minister and shareholder (via MOF Inc).
Documents don’t support Loo’s argument
When Shafee claimed that contemporaneous documents from the period between 2010 and 2013 did not support the witness’ contention, Loo insisted she was merely speaking facts on what allegedly happened at the troubled wealth fund.
The trial continues.
Najib is on trial for four counts of abuse of power and 21 counts of money laundering involving RM2.27 billion from 1MDB.
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011 and Dec 19, 2014.
On the 21 money laundering counts, the former finance minister is purported to have committed the offences at the same bank between March 22, 2013 and Aug 30 of the same year. - Mkini
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