News by Ahmad Naqib Idris

Article 117 under 1MDB's memorandum and articles of association (M&A) stated that matters such as the appointment of directors, the senior management team as well as matters relating to financial commitments would require then prime minister and finance minister Datuk Seri Najib Razak's approval.

Responding to questions from Najib's lawyer Tan Sri Muhammad Shafee Abdullah, Shahrol said he should not be charged and that he never made a deal with the prosecution and the MACC to testify against Najib.

Lead defence counsel Tan Sri Muhammad Shafee Abdullah alluded during cross-examination today that the Directors Circular Resolution (DCR) pertaining to the conversion of 1MDB's 49% equity stake in PetroSaudi Oil Services Ltd (PSOSL), a subsidiary of PetroSaudi International Ltd (PSI), into fund units was worded in such a way to make it difficult for the board members to understand the processes involved.

In June last year, the MACC initiated a civil forfeiture suit against 41 entities, comprising individuals, companies and political parties under the AMLATFPUA to recover about RM270 million believed to be linked to 1MDB.

The three man bench led by Court of Appeal Judge Datuk Yaacob Md Sam had quashed Zahid’s appeal and upheld the decision made by High Court Judge Collin Lawrence Sequerah.

The panel of judges comprises Court of Appeal judges Datuk Yaacob Md Sam and Datuk Hadhariah Syed Ismail besides High Court judge Datuk Wira Ahmad Nasfy Yasin.

The Court of Appeal has yet to fix a hearing date for the prosecution's or the Malaysian Anti-Corruption Commission's (MACC) appeal.

According to deputy public prosecutor and head of prosecution in the Attorney-General's Chambers Manoj Kurup, the amendments to be made are related to liability.

During the proceedings today, lead prosecutor Datuk Seri Gopal Sri Ram told the court that the prosecution is amending a portion of the charge sheet which stated "before the audit report was finalised and tabled to the Public Accounts Committee (PAC)" to "after the audit report was re-finalised and tabled to the PAC".

During cross-examination by lead defence counsel Tan Sri Muhammad Shafee Abdullah today, Ali said he was surprised to learn that the NAD official had made an audio recording of the meeting, which was convened to discuss amendments to be made in the department's audit report on 1MDB.