KUALA LUMPUR – The ninth witness of the 1Malaysia Development Berhad (1MDB) trial revealed that fugitive businessman Low Taek Jho or Jho Low made amendment to the constitution of the company.
According to the former Chief Executive Officer (CEO) of 1MDB Datuk Shahrol Azral Ibrahim Halmi, the amendment was made to give ‘absolute power’ to former Prime Minister Datuk Seri Najib Tun Razak to make certain decisions in the company, without any approval from the stakeholders.
According to Shahrol, Jho Low proposed for the Article 117 to be inserted into the Memorandum and Articles of Association (M&A) of 1MDB, which gave absolute power to Najib and replaced Article 9(a) which gave authority to the federal government on 1MDB.
“This was what Datuk Seri Najib wanted and the instruction was given by Jho Low.
“The amendment did not only involve administrative matters but also shifted the power,” he said during the cross-examination with Defence Counsel, Tan Sri Muhammad Shafee Abdullah.
The introduction of Article 117 involved the replacement of words in a similar existing clause in the company constitution, by swapping out the “federal government” with “prime minister” for prior written approvals in such key decisions.
Article 117 was then inserted into the M&A of 1MDB which was also similar to Article 9(a) for the M&A in the Terengganu Investment Authority (TIA).
Najib, the Member of Parliament of Pekan is currently facing 4 power abuse and 21 money laundering charges amounting to RM2.3 billion. -MalaysiaGazette