KUALA LUMPUR (Bernama): The High Court heard that the prime minister’s approval, as stated in Article 117 of 1Malaysia Development Berhad’s (1MDB) Memorandum & Articles of Association (MAA) in matters relating to the sovereign wealth fund, was never invoked as all decisions were made and carried out by the 1MDB board of directors.
Former 1MDB chief executive officer (CEO), Datuk Shahrol Azral Ibrahim Halmi, 50, said certain matters which needed the prime minister’s approval, including investments, restructuring and power to hire and fire outlined in Article 117, was never used.
