KUALA LUMPUR, (May 27): 1Malaysia Development Bhd's (1MDB)  memorandum and articles of association (M&A) suggests that Prime Minister Datuk Seri Najib Razak is a key decision maker in the company, according to opposition lawmaker Rafizi Ramli.

PKR vice-president Rafizi said clause 117 of 1MDB's M&A linked Najib to the investment decisions, and debt of the Malaysian government's wholly-owned entity. 1MDB invests in real estate and electricity-generation projects.

Najib, who is the Finance Minister, is also chairman of 1MDB's board of advisors.

Rafizi said: "Article 117 clearly connects the prime minister to all the most important decisions of 1MDB. It is (also) clear that any financial decisions, including investments that may affect the guarantee given by the federal government, will need the express approval of the prime minister."

Rafizi was speaking to reporters at Parliament lobby today.

Rafizi said the revelation of article 117 meant the prime minister was directly involved in 1MDB's important transactions.

Rafizi said the M&A was adopted at 1MDB's extraordinary general meeting on Aug 11, 2009. Najib became Malaysia's sixth prime minister on April 3, 2009.

Today, Rafizi said he would raise questions in the next Parliament sitting on whether 1MDB’s board had obtained the express written approval from Najib for loans and bonds undertaken by the company for its investments.

According to 1MDB's website, the company's real estate projects here comprise the Tun Razak Exchange and Bandar Malaysia.
 
1MDB's electricity-generation portfolio comprises Powertek Energy Sdn Bhd, besides its 1MDB's 75% stake each in Kuala Langat Power Plant and Jimah Energy.