KUALA LUMPUR: Datuk Seri Najib Razak's conduct and actions from the inception of 1Malaysia Development Bhd's (1MDB) predecessor, Terengganu Investment Authority (TIA), show he had a vested interest in the company, the High Court heard.
Deputy public prosecutor Ahmad Akram Gharib said the former prime minister was instrumental in changing its (TIA) name to 1MDB to safeguard his interest in the sovereign wealth fund.
"Najib's former aide, Datuk Amhari Efendi Nazaruddin, confirmed that the accused wanted TIA to become a special vehicle for strategic investments overseas where fugitive businessman Low Jho Low would act as the director.
"Evidence shows that the accused caused amendments to be made to 1MDB's memorandum & articles (M&A) to place himself in sole control of important matters concerning the business and affairs of the company."
Akram said this in his submissions to establish a prima facie case against the former Pekan member of parliament for misappropriating billions of ringgit from the company's funds.
Akram said former 1MDB chairman Tan Sri Mohd Bakke Salleh, when testifying, said Low, who was not part of the company, had passed him a phone with the accused on the other line before a board of director's (BOD) meeting on Sept 26, 2009.
"He testified that Najib had instructed the board of directors to firm up a decision to finalise a sham joint venture with PetroSaudi International Ltd amounting to US$1 billion despite grappling with the RM5 billion fundraising exercise from the Islamic Medium Term Notes (IMTN).
"Bakke said that at the point of the phone conversation, the BOD was still making inquiries about the IMTN.
"The witness also testified that former Public Accounts Committee chairman Datuk Seri Hasan Arifin had briefed him on what to say when Bakke was called to testify before the committee in 2016.
"This is to safeguard the accused and Low.
"He further said that before his testimony, the accused had called him and instructed him to meet Hasan," said Akram.
The prosecutor also highlighted the fact that Najib had systematically ousted the then finance minister II Datuk Seri Ahmad Husni Hanadzlah when the latter became aware of the setup of 1MDB.
He said Husni had advised the accused to follow protocol by conducting a feasibility study to obtain a clear picture about the business, risks and liabilities involved.
However, he said, Najib shut down Husni by telling him: "I am going to go ahead."
Akram said this conduct demonstrated Najib's vested interest in 1MDB, as he deliberately excluded Husni, the only other person in the Finance Ministry with any form of influence over the company.
Najib, 71, is facing four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.
For the 21 charges of money laundering, he is accused of committing the offences between March 22, 2013, and Aug 30, 2013.
The trial before judge Datuk Collin Lawrence Sequerah continues.