I was stunned when Najib approved 1MDB taking loan to buy back shares, says ex-CEO

Former 1MDB CEO Mohd Hazem Abdul Rahman said 1MDB had decided to redeem the 49% share option granted to Aabar Investment PJS through two subsidiary companies.

“Datuk Seri Najib, who was the shareholder, had signed both resolutions required under the law,” Hazem said. He told the court that in 2014, 1MDB had decided to redeem the 49% share option granted to Aabar Investment PJS through two subsidiary companies. Hazem said:”We needed to redeem the Aabar shares as it was an obstacle for us to be listed in Bursa Malaysia. The Securities Commission would reject our application if it found out other entities held shares in 1MDB Energy and 1MDB Langat.”

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