SINGAPORE (July 9): Several complaints filed by the US Department of Justice to seize assets traceable to money allegedly misappropriated from 1Malaysia Development Bhd have contained references to a “Malaysian Official 1”, described as “a high-ranking official in the Malaysian government who also held a position of authority with 1MDB”. A former Malaysian government official has acknowledged MO1 to be former prime minister Najib Razak.

The idea of a joint venture (JV) between 1MDB and private Saudi Arabian company PetroSaudi International was discussed in 2009 at a meeting arranged by Malaysian Low Taek Jho between MO1 and the co-founders of PetroSaudi.

Upon its formation, MO1 assumed a position of authority within 1MDB. He had the authority to approve all appointments to and removals from 1MDB’s board and senior management. Financial commitments by 1MDB likely to affect a guarantee by the Malaysian government required his approval.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook