Former Malaysian Prime Minister Datuk Seri Najib Razak, testifying in his own defense during the 1MDB-Tanore trial, claimed that the initial concept for 1MDB originated with Sultan Mizan Zainal Abidin, then Yang di-Pertuan Agong, and businessman Jho Low. The entity began as the Terengganu Investment Authority (TIA) in 2008 under the government of Prime Minister Tun Abdullah Ahmad Badawi, with Najib serving as Deputy Prime Minister and Finance Minister at the time.
TIA Idea
Najib emphasized that TIA’s establishment, including its management and funding strategies, was spearheaded by Sultan Mizan and supported by Abdullah, with Najib’s involvement limited to facilitating Cabinet discussions and securing government guarantees as part of his official duties. He stated that he held no personal or financial interests in TIA or any related entities, such as Menteri Besar Terengganu Inc. or financial advisors like Goldman Sachs and AmBank.
Oil revenues
TIA’s original purpose was to safeguard Terengganu’s long-term economic stability using oil revenues. However, Sultan Mizan became dissatisfied with its management, and TIA was federalized in 2009, evolving into 1MDB. Najib denied allegations of misconduct or vested interests in the company and argued that the prosecution failed to substantiate claims requiring him to declare any conflicts of interest to the Cabinet.
Najib faces 25 charges of money laundering and abuse of power related to the alleged misappropriation of RM2.28 billion from 1MDB.
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