09
Apr
16

PM must take full responsibility for 1MDB – his written approval required for 1MDB’s financial commitment

Article 117
(source: PAC Report on 1MDB)

Najib, please explain this clause

COMMENT One year after the MDB scandal was first exposed by Sarawak Report and the Wall Street Journal (WSJ), few people knew that there was a clause in the Memorandum and Articles of Association (MAA) of the company, which clearly implicates Prime Minister Najib Abdul Razak in the 1MDB scandal.

Sarawak Report has produced a copy of the MAA of what was formerly the Terengganu Investment Authority Berhad (TIA), dated Feb 27, 2009, which places the sitting prime minister in direct control over “any financial commitment in (including investment), restructuring or any other matter which is likely to affect the guarantee given by the federal government of Malaysia”.

It would be hard for anyone to accept Najib’s explanation after reading Article 117 of 1MDB’s MAA where all investments required written authorisation from Najib (emphasis, mine).

After TIA was formed, it was rebranded as 1MDB five months later on July 31, 2009. Najib should explain why, with this clause in the MAA stating so specifically his executive power in the running of 1MDB, could he still pretend having a distant role as chair of the advisory board of the investment arm that he created, both as finance minister and the prime minister of this country.

In short, despite billions of ringgit being involved, Najib can still deny any responsibility for the scandal. It defies conventional wisdom that when a scandal happened under his nose that Najib should deny any involvement and continue to helm the nation.

Umno, which has largely defended Najib, will have to pay heftily in the coming general election for not willing to confront Najib about the current scandal which has hit world news, putting Malaysia in a bad light, as a result of which we, the rakyat, are suffering because of this one man who believes he will die in office.

…more
Najib, please explain this clause
Stephen Ng
9 April 2016 – malaysiakini

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