Najib did not like 'MIB' acronym, resulting in change of state fund's name, court told

KUALA LUMPUR: Former prime minister Datuk Seri Najib Razak did not quite like the acronym "MIB", which stood for Malaysian Investment Bhd, resulting to a state fund's name changed to "1MDB" for 1Malaysia Development Bhd, months after its inception as Terengganu Investment Authority (TIA) in 2009.

Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi, 49, told this to the High Court when he was referred to TIA meeting minutes dated Aug 12,2009.