Former Malaysian Prime Minister Datuk Seri Najib Razak rejected claims that he should shoulder the blame for the 1Malaysia Development Berhad (1MDB) scandal. He specifically dismissed allegations made by fugitive financier Low Taek Jho (Jho Low), who suggested that Najib, as the "ultimate decision-maker," bore responsibility for the mismanagement and misuse of funds.
Najib, testifying in the High Court during his ongoing 1MDB trial, expressed unease with Jho Low’s remarks in a 2015 interview with Euromoney. In the interview, Low implied that the focus of scrutiny should shift to the shareholder—Najib himself—given the latter’s role as the Minister of Finance Incorporated (MOF Inc) representative and his authority to sign shareholder resolutions for 1MDB. Responding to these claims, Najib argued that his actions aligned with proper corporate governance practices and stressed the autonomy of 1MDB's management and board in making decisions.
“I disagree because corporate governance is clear: the shareholder acts later. The critical roles lie with the board and management,” Najib stated. He emphasized that his role as a shareholder was merely to fulfill official duties, signing off on decisions only after they had been approved by the board.
Suspicion Towards Jho Low
Najib admitted that his trust in Jho Low started to waver in 2015, following a meeting with businessman Tan Sri Tong Kooi Ong. During the meeting, Tong alleged that Jho Low was involved in misconduct and should be investigated. Najib acknowledged feeling a growing sense of unease but insisted there was no concrete evidence at the time to warrant decisive action.
When pressed on why he didn’t distance himself from Jho Low despite mounting suspicions, Najib argued that investigative agencies were already probing the matter. “I was not entirely comfortable with him, but I left this to the investigating agencies, including the Public Accounts Committee,” Najib explained.
Najib also denied breaching the Code of Ethics for Members of the Administration, which requires public officials to avoid relationships with individuals who could harm their reputation. He maintained that while he had suspicions about Jho Low, he believed it was in the national interest to leverage Low’s connections, particularly during official dealings such as a 2016 visit to China.
Rebutting Allegations of Financial Misconduct
The prosecution suggested that Najib knowingly benefited from 1MDB funds, which allegedly ended up in his personal accounts. Najib countered that he had no knowledge of such transactions, claiming instead that he believed the funds originated from donations by Saudi Arabia’s King Abdullah. “I was told the money came from Saudi, and that’s all I knew,” he asserted.
When questioned about his practice of signing shareholder resolutions without full knowledge of their content, Najib stated that he trusted the professionalism of 1MDB’s board. “I didn’t micromanage. I signed documents based on the board’s agreements,” he said.
Najib’s Defense and Trial Continuation
Najib denied using Jho Low to orchestrate the diversion of funds and rejected allegations that Low was his “mirror image” in 1MDB operations. He reiterated his confidence in the 1MDB board’s governance and dismissed claims of personal misconduct.
Information Source: Malay Mail
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