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Najib’s 1MDB trial: Najib had ultimate power in 1MDB

November 11, 2021

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Ultimate power in every decision, particularly involving investment, financial decisions and national interests.

The High Court was told on Thursday (Nov 11) that former prime minister Datuk Seri Najib Razak had the “ultimate power” in 1Malaysia Development Bhd (1MDB) when it came to the company’s decision-making.

This was testified by 1MDB’s former chief financial officer (CFO) Azmi Tahir, 48, who was the prosecution’s 12th witness in the trial involving RM2.28bil in funds from the sovereign wealth fund.

Azmi said the power was in line with Article 117 of the Memorandum & Articles of Association (M&A) of the company whereby every important decision must be under the instruction or the approval of the prime minister.

“Najib is the person with the ultimate power in every decision particularly involving investment, financial decisions and national interests,” he said in his 127-page witness statement.

Azmi said during his time as the CFO, there were “confidential moves” that were planned by fugitive businessman Low Taek Jho, or Jho Low, with the instructions and ‘blessings’ of Najib.

“Selected people were chosen and arranged in the highest management of 1MDB and the board of directors to ensure that these moves and backdoor instructions were carried out,” he added.

Azmi said they “worked in silo” and instructions were only known by people inside the layered system, coordinated by Low and Najib’s former principal private secretary Datuk Azlin Alias.

“The instructions I receive from them (Low and Azlin) in the form of a mandate from Najib as the prime minister.

“Therefore, the officers in the layered system have to follow Low’s instructions because his instructions are Najib’s instructions, in line with Article 117,” he added.

Azmi’s testimony echoed the testimony of 1MDB’s former CEO, Mohd Hazem Abd Rahman, who also claimed that Najib had the ultimate power in the company.

During the testimony, Najib’s lawyer Wan Aizuddin Wan Mohammed stood up to raise objections over Azmi’s statement several times, saying that the witness’ testimony was “hearsay”.

Justice Collin Lawrence Sequerah, however, said the court would deal with the objections during the oral submission stage of the trial.

Azmi, whose previous position was in corporate finance at Deloitte, began working at 1MDB as the CFO on June 1, 2012, with a salary of between RM40,000 to RM45,000 a month.

“I am no longer working at any company and am self-employed,” he said.

He said Azlin contacted him during his early days as the CFO and said that Azlin wanted to introduce him to an important person in 1MDB, which was Low.

“That was the first time I heard about this individual called Low who was introduced as Najib’s 1MDB advisor,” Azmi said.

According to Azmi, he first met with Low in a meeting that was arranged by Azlin, who did not attend the meeting.

The meeting took place at Low’s office in KLCC in June 2012 after he joined 1MDB.

“I was told in this meeting that all the instructions from Azlin and Low were mandates from Najib and I only needed to follow them.

“After the meeting, I confirmed with Azlin whether what Low said was true and applicable. Azlin confirmed what Low told me.

“From then on, any instructions from Azlin and Low, I would carry out because I believe those instructions were mandates from Najib,” he said.

Earlier reports:

Nov 9, Najib’s 1MDB trial: 1MDB was run like a ‘Petaling Street coffee shop’

May 20, Najib’s 1MDB trial: US$2.7b became US$60,000 in just months but CEO kept mum

May 17, Najib’s 1MDB trial: Ex-1MDB CEO suspected illegal activities between Najib and Jho Low

Feb 15, Najib’s 1MDB trial: Ex-1MDB CEO believes UMNO benefited from 1MDB

Feb 15, Najib’s 1MDB trial: 1MDB’s senior executive meetings held in Jho Low’s apartment