Companies Commission of Malaysia assistant registrar Rafidah Yahaya said a new clause included into TIA’s constitution on Sept 2, 2009 changed the character of the company.
TIA was initiated by former Terengganu menteri besar Ahmad Said in 2008.
Rafidah, who is the prosecution’s seventh witness, said two days after clause 117 was added into TIA’s constitution, Najib signed documents to change its name to 1MDB, which became a wholly owned government entity.
“The change in the name from TIA to 1MDB was informed to CCM on Sept 25, 2009,” she said when examined by deputy public prosecutor Mohammad Mustaffa P Kunyalam.
Najib , who was made finance minister in 2008, replaced Abdullah Ahmad Badawi as prime minister the following year.
Rafidah is expected to tender 177 documents related to 1MDB, Tanjong Energy Sdn Bhd, Mastika Legenda Sdn Bhd and Genting Sanyen Sdn Bhd, which will feature prominently in the course of the prosecution’s case.
Yesterday, ad-hoc prosecutor Gopal Sri Ram said Najib as chairman of the 1MDB board of advisers, prime minister and finance minister, had abused his powers by exerting influence over the board to carry out unusual transactions.
“The ultimate aim of the accused was to obtain gratification for himself. He succeeded in achieving that aim,” he added.
Najib is facing 25 charges of money laundering and abuse of power over alleged 1MDB funds in his AmBank accounts.
He is accused of abusing his position to obtain RM2.28 billion in bribes in February 2011 and December 2014.
He was also said to have transferred RM2.28 billion in illegal funds to his bank accounts and to have subsequently used the money.
The charges come under Section 23(1) of the Malaysian Anti-Corruption Commission (MACC) Act and punishable under Section 24 (1) of the same law.
Najib faces a jail term of up to 20 years and a fine of up to five times the value of the gratification if found guilty.
The 21 charges are framed according to Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act, which carries a maximum fine of RM5 million and jail term of five years, or both, for each offence if convicted.
Hearing before judge Collin Lawrence Sequerah continues.