Prosecution in Najib’ 1MDB trial says interest element not essential ingredient to be proved

Replying to a question posed by the trial judge Datuk Collin Lawrence Sequerah on the placement of the interest element in the charge, Deputy Public Prosecutor Ahmad Akram Gharib said the interest element is not an essential ingredient to be proved under Section 23 (1) of the Malaysian Anti-Corruption Commission (MACC) Act.

Ahmad Akram said while the prosecution did not specifically mention 'interest' in the overall charge, they did refer to 'direct interest' in specific parts of the charge in items labeled with Roman numerals I, II, III, and IV regarding to actions and decisions made by Najib.

"In overall (of the charge), we did not say 'interest' but if Your Honour look at the end of Roman numerals I, II, III and IV of the charge, we have mentioned 'direct interest'. We will submit further when it is our turn (to submit) later," he said.

Najib's first charge stated -- That you (Najib), between 24th February 2011 and 14th June 2011, at AmIslamic Bank Berhad, Cawangan Jalan Raja Chulan, No. 55, Jalan Raja Chulan, Kuala Lumpur, in the Federal Territory of Kuala Lumpur, as an officer of a public body, to wit, Prime Minister and Minister of Finance of Malaysia and the Chairman of the Advisory Board of 1MDB, did use your position for a gratification for yourself totalling RM60,629,839.43, by taking the following action to wit:

I. On 1st April 2009, at the Cabinet Meeting Room, Level 4, Prime Minister's Office, Federal Government Administrative Centre, in the Federal Territory of Putrajaya, by way of a Memorandum of the Ministry of Finance No. 216/2639/2009, you did obtain the consent of the Cabinet for the provision of a guarantee by the Government of Malaysia to Terengganu Investment Authority Berhad (TIA) to enable TIA to obtain domestic and foreign market loans of up to RM5 billion by way of Islamic Medium Term Notes Programme;

II. On 29th July 2009, at the Cabinet Meeting Room, Level 4, Prime Minister's Office, Federal Government Administrative Centre, in the Federal Territory of Putrajaya, after being appointed as Prime Minister of Malaysia on 3rd April 2009, you did approve the acquisition of TIA by the Government of Malaysia and further caused TIA's name to be changed to 1MDB, a company in which you have a direct interest;

III. On 26th September 2009, you directed the Board of Directors of 1MDB which was having a Special Meeting at The Royale Bintang Damansara, Petaling Jaya, in the state of Selangor, to pass a resolution authorising 1MDB to participate in a joint venture with PetroSaudi International Limited by investing in the capital of 1MDB PetroSaudi Limited by subscribing for 1,000,000,000 (1 billion) ordinary shares in 1MDB PetroSaudi Limited at US$1.00 each for a total consideration of US$1 Billion (or equivalent in RM); and

IV. On 16th May 2011, at 1MDB Office, Level 8, Menara IMC, No. 8, Jalan Sultan Ismail, in the Federal Territory of Kuala Lumpur, did cause the Board of Directors of 1MDB to pass a Circular Resolution authorising an investment of an additional RM1 billion (or equivalent in US$) under the Murabaha Financing Agreement dated 31st March 2010 with 1MDB PetroSaudi Limited.

Najib's lead counsel Tan Sri Muhammad Shafee Abdullah is currently submitting at the end of the prosecution case.

-- BERNAMA