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The High Court revealed that fugitive businessman Low Taek Jho, also known as Jho Low, frequently utilized his influence as someone close to Datuk Seri Najib Razak. The former counsel for 1Malaysia Development Berhad (1MDB), Jasmine Loo Ai Swan, testified that Jho Low wanted 1MDB management to acknowledge him as the proxy for the then-Prime Minister Najib. Loo mentioned that matters requiring the prime minister's approval were discussed with Jho Low before being presented to Najib, who served as the Chairman of 1MDB's Board of Advisors at the time.
Loo explained that documents related to 1MDB investments requiring Najib's signature were often prepared by her and handed over to Jho Low. While she was responsible for preparing the documents, she was unaware of how Jho Low obtained Najib's signature. Loo clarified that during her tenure at 1MDB, she only met Najib at group events or 1MDB meetings with the management team, never in private or one-to-one meetings regarding company matters.
In her testimony, Loo discussed the process of obtaining Najib's approval for Director’s Circular Resolution, involving documents like Special Rights Redeemable Preference Shareholder in Writing (SRRP) and Minutes by Representative of Holding Company Relating to Proceedings of Subsidiary Pursuant to Section 147(6) of Companies Act (MR). According to Loo, Najib's approval was necessary for large and important projects with financial implications for the government, aligning with Article 117 in the Memorandum & Articles of Association of 1MDB.
Loo emphasized the top-down management approach at 1MDB, where Board members followed Najib's decisions due to his roles as the Prime Minister, Minister of Finance, and the representative of the Ministry of Finance Incorporated. The witness statement was part of Najib’s ongoing corruption and money laundering trial involving RM2.3 billion of 1MDB funds.
This testimony sheds light on the influence Jho Low held in 1MDB affairs and the procedural aspects of obtaining approvals, providing crucial insights into the dynamics within the organization during Najib's tenure. The trial continues, aiming to unravel the complexities surrounding the misappropriation of 1MDB funds.
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