Najib had ultimate power over 1MDB, ex-CEO tells court

Shahrol Azral Ibrahim Halmi says any appointment or dismissal of 1MDB board members and senior management staff must obtain Najib Razak's approval first. FMTNews

Former prime minister Najib Razak faces 25 charges of money laundering and abuse of power over alleged 1MDB funds amounting to RM2.28 billion.

Former 1MDB chief executive officer Shahrol Azral Ibrahim Halmi said any appointment or dismissal of 1MDB board members and senior management staff must obtain Najib’s approval first. Asked by ad hoc prosecutor Gopal Sri Ram whether Najib had participated in 1MDB’s activities, he said Najib had signed the shareholders’ resolutions.

Shahrol disagreed with Sri Ram’s suggestion that the board of advisers were to be blamed if anything went wrong, such as “money gone missing”.The Penang businessman, he said, would provide him talking points and an action plan that contained information such as Terengganu Investment Authority’s formation and the reason why it was seeking loans and government guarantees for the 1MDB Petro Saudi joint venture project.

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