Ex-1MDB CEO: Jho Low claimed Najib wanted company constitution changed to gave PM 'ultimate power' | Malay Mail

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KUALA LUMPUR, Oct 17 — Businessman Low Taek Jho claimed Datuk Seri Najib Razak had wanted 1Malaysia Development Berhad's (1MDB) company constitution to expressly state that the prime minister would be its final arbiter on major matters such as investments, the High Court heard today. Datuk...

Thursday, 17 Oct 2019 02:32 PM MYTFormer 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi is pictured at the Kuala Lumpur Court Complex October 17, 2019. — Picture by Shafwan Zaidon

Shahrol said the 1MDB memorandum and articles of association or the company constitution was changed on that day with the insertion of Article 117, which required 1MDB to obtain the prime minister's written approval for decisions touching on the company's senior management and financial affairs.

Questioned by Najib's lawyer Tan Sri Muhammad Shafee Abdullah, Shahrol admitted that he verified with Najib if this was what he wanted. When asked why the board did not discuss the Article 117 clause, Shahrol said he did not recall the exact reason. Asked by Shafee, Shahrol said he would not be able to comment if 1MDB is a public company or a private company.

 

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