No written approval by Najib in acquisition of Genting Sanyen

The High Court here was told today that there was no written approval by the then Prime Minister Datuk Seri Najib Abdul Razak for the acquisition of Genting Sanyen Sdn Bhd by sovereign wealth fund 1Malaysia Development Berhad .

Citing Article 117 of the Memorandum and Articles of Association of 1MDB, he said, some of the company decisions required the Prime Minister’s approval. In his previous testimony on Sept 30, last year, Shahrol Azral said the process of acquiring independent power producer Genting Sanyen Sdn Bhd, was executed by 1MDB after approval was received from Najib, in his capacity as Finance Minister, representing MOF Inc in 2012.

To this, Wan Aizuddin contended that Shahrol Azral was trying to avoid scrutiny from the board of directors over the acquisition, which the witness replied in the negative.

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Was Najib not told about 1MDB's acquisition of Genting Sanyen? | New Straits TimesKUALA LUMPUR: Former prime minister Datuk Seri Najib Razak, who was the sole shareholder of 1Malaysia Development Bhd (1MDB), never gave his written approval for the acquisition of energy company Genting Sanyen (M) Bhd by the sovereign wealth fund.
Source: NST_Online - 🏆 17. / 53 Read more »