An opposition MP has urged the authorities to investigate Prime Minister Najib Abdul Razak for possible criminal breach of trust or criminal fraudulence.

This follows revelations that Najib's written approval was required for the controversial deals undertaken by Terengganu Investment Authority (TIA), the predecessor of 1Malaysia Development Bhd (1MDB).

Pandan MP Rafizi Ramli ( photo ) said Clause 117 of TIA's memorandum and articles of association (M&A) clearly states that the prime minister is among the company's decision makers and Najib should therefore be implicated in any wrongdoing by the company.

"I urge agencies such as the Malaysian Anti-Corruption Commission (MACC), Auditor-General's Department and the police to investigate the prime minister," Pandan MP Rafizi Ramli told reporters at the Parliament lobby today.

Rafizi said that at the very least, the authorities must investigate the financial transactions involving 1MDB's joint-venture with PetroSaudi International which was signed on Sept 28, 2009.

He explained that there is mounting allegations that 1MDB's USD1 billion investment in the joint-venture, which was called off in just six-months, was misappropriated.

"Anyone with authority in the structure of 1MDB that allows transfer of money to take place and causes financial loss to 1MDB will be considered guilty of CBT, be it willingly, through negligence or omission," he said.

Address PAC and Dewan Rakyat

Yesterday, Malaysiakini reported that Clause 117 of TIA's M&A, adopted on September 2, 2009, clearly specified that the prime minister's written approval is required in matters concerning the company's investment and restructuring.

It also stated that the prime minister's written approval is required for the amendment of the company's M&A and the appointment of TIA's board of directors.

Malaysiakini has written to 1MDB to clarify if Clause 117 was still in effect after TIA was renamed to 1MDB on September 25, 2009.

A reply was received from 1MDB president Arul Kanda, but it did not address this question.

Rafizi told reporters that it was very likely that Clause 117 remains at status quo until today.

In view of this, Rafizi said Najib must appear in Parliament to explain the his role in 1MDB, as well as testify during the Public Accounts Committee (PAC) hearing.

"He should explain whether his written approval had been given to all the deal and investment of 1MDB, after the government has guaranteed 1MDB's first bond," he said.

No disclosure

Meanwhile, Rafizi also took the Finance Ministry to task for refusing to detail 1MDB's loans taken and bonds issued until January this year.

In a Parliamentary written reply to Rafizi, the Finance Ministry said the details could not be furnished because some of the details have yet to be audited.

Rafizi dismissed this on grounds that details of 1MDB's repayments would be listed in its annual report anyway.

"(The ministry's) answer is just ridiculous. This is the answer that one would expect from a Standard 5 pupil," he said.

He suspected that it was likely that the Finance Ministry was unwilling to reveal the numbers because it may show government allocations for the company which has hitherto been kept from public scrutiny.

Rafizi said a proper answer to his question was important as it would allow the public and MPs to monitor 1MDB's ability to service its loans - a notion which he believes Putrajaya is against.

In March, Putrajaya admitted to allocating RM950 million in standby credit for 1MDB to help the company's cashflow woes.

Related stories

I will stay as PM for full term, says Najib

Najib to Dr M: Don't parrot opposition lies on Rosmah

PM: Mahathir twisting 1MDB facts to attack me

Focus turns to PM's son after Deloitte complaint

All on board Titanic hearing funeral requiem?

Zaid: Why aren't ministers quitting over 1MDB?

PAC: 1MDB had ample notice, may call in PM

1MDB's audited assets worth RM51.4b

‘1MDB woes not broad-based distress among GLCs’

Moody’s: Gov’t handling of 1MDB is below par

1MDB: Limited impact on credit rating, says Moody's

Complaint on Deloitte for letting 1MDB rot

'Najib must explain if he was caught red-handed'

Najib's 1MDB defamation suits may be in trouble

Hide-and-seek a ploy to buy 1MDB some time

Najib and Nixon - spot the difference

Did T’ganu try to use its oil and gas as collateral?

Rafizi wants PAC to call Najib after consent expose