The funds were raised by Goldman Sachs through a bonds issuance to enable 1MDB to acquire shares in two independent power producers (IPPs) – Tanjong Energy Holdings Sdn Bhd and Mastika Lagenda Sdn Bhd.

Aabar Investment PJS assisted 1MDB Energy and 1MDB Energy (Langat) to obtain guarantees from Abu Dhabi’s International Petroleum Investment Co (IPIC), while Goldman Sachs helped 1MDB raise the bonds.

MACC investigating officer Nur Aida Arifin told the court Najib did not inform the Cabinet about the deal.

“All the 1MDB directors had to sign the directors’ circular resolution to approve the share purchase for the IPPs, after the shareholder (Najib) agreed and signed his resolution.

“This shows that a decision has been made (by the shareholder) and the board of directors only need to adhere to that, in line with the top-down approach practised at 1MDB,” she said, adding that the deal was made hastily.

Najib faces 25 charges of abuse of power and laundering RM2.28 billion in 1MDB funds, which he is accused of depositing into his AmBank accounts between February 2011 and December 2014.

Earlier today, the court allowed certain contents of Aida’s witness statement to be expunged.

This came after lawyer Shafee Abdullah told the court she was giving her opinions on the meeting held onboard the yacht RM Elegance that Najib and his family attended, some time in 2009.

The hearing before Justice Collin Lawrence Sequerah continues on Jan 24.