KUALA LUMPUR: Datuk Seri Najib Razak had shown a vested interest in Terengganu Investment Authority (TIA), the predecessor to 1Malaysia Development Bhd (1MDB), the High Court ruled.
Judge Datuk Collin Lawrence Sequerah said the former prime minister played a central role in the taking over of TIA by the federal government and in subsequently changing the name to 1MDB.
"The accused also was instrumental in causing the Cabinet to consent to the provision of a guarantee by the government to enable TIA to obtain the RM5 billion Islamic medium-term notes (IMTN) loan.
"Without the involvement of the accused in his role as prime minister and finance minister in certain key actions, the joint-venture would not have taken off.
"Without the accused signing the Special Rights Redeemable Preference Shareholder Resolution inWriting (SRRP) and Minutes by Representatives (MR), it would not have been possible for 1MDB to release the further US$ 330 million loan," he said in his judgment at the end of the prosecution case today.
Sequerah said an examination of the evidence revealed that Najib had taken actions in matters where he held a personal interest.
He said these actions provided the basic facts needed to raise a rebuttable presumption that he used his office or position for personal gain.
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.