Kuala lumpur: The High Court ruled that Datuk Seri Najib Tun Razak had a direct interest in 1Malaysia Development Berhad (1MDB), as early as when 1MDB was known as Terengganu Investment Authority (TIA). TIA was incorporated in February 2009 as a state investment arm for Terengganu, before it was taken over by the Ministry of Finance in July 2009. It was later renamed to 1MDB on September 25, 2009.
According to BERNAMA News Agency, trial judge Datuk Collin Lawrence Sequerah, who is now a Federal Court Judge, highlighted that towards the end of 2008, Najib's former aide, Datuk Amhari Efendi Nazaruddin, testified he received a BBM message from fugitive businessman Low Taek Jho, or Jho Low, indicating that he had obtained approval to join a meeting regarding TIA. This was a significant point in the trial, revealing Najib's interest in the organization related to the first charge, where he had claimed he was merely a public servant misled by his subordinates and that the charges against him were politically motivated.
The first charge against Najib involved allegations of using his positions as Prime Minister, Finance Minister, and chairman of the Advisory Board of 1MDB to obtain gratification totaling RM60,629,839.43 by taking actions at the Jalan Raja Chulan branch of AmIslamic Bank Berhad between February 24, 2011, and June 14, 2011. The charge also specified that he had obtained cabinet approval for the Malaysian government to guarantee loans for TIA through Islamic Medium Term Notes Programme.
On the second charge, the court noted that Najib's signature was crucial in the issuance of a US$1.75 billion bond raised by 1MDB, despite his claims of not signing the bond approval document. Najib attempted to rely on expert handwriting analysis to support his claims, but the court found the defense's arguments unconvincing.
The second charge involved Najib using his position between October 31, 2012, and November 29, 2012, to obtain gratification amounting to RM90,899,927.28, with actions approved at the 1MDB Office related to the takeover of Tanjong Energy Holdings Sdn Bhd and Mastika Lagenda Sdn Bhd equities.
In respect of the third charge, Justice Sequerah acknowledged credible evidence showing a connection between Najib's approval of a joint venture with Aabar Investment PJS and the gratification received in his AmIslamic bank account. This charge alleged that Najib used his position between March 22, 2013, and April 10, 2013, to obtain gratification for himself amounting to RM2,081,476,926.
For the fourth charge, the evidence suggested Najib abused his power to approve loan facilities, with the funds ending up in his personal accounts, breaching Article 117 of 1MDB's Memorandum and Articles of Association. This charge involved obtaining RM49,930,985.70 in gratification.
Najib also faced 21 money laundering charges, with the judge ruling him guilty on all counts. The defense's argument concerning the origin of funds entering his accounts was deemed insufficient to raise reasonable doubt.
The court is hearing mitigation submissions from both the prosecution and the defense after Najib, 72, was found guilty on four charges of abusing his power and 21 counts of money laundering involving RM2.3 billion in 1MDB funds. The charges were brought under the Malaysian Anti-Corruption Commission Act and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, carrying severe penalties upon conviction.