PM has no time to micromanage 1MDB: Nazri

PUTRAJAYA: Prime Minister Datuk Seri Najib Abdul Razak should not be implicated in the 1Malaysia Development Bhd (1MDB) scandal just because his signatures are on company documents.
Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz (pix) said just because of some signatures, it did not mean Najib had to micro manage 1MDB and make day-to-day decisions as he had other things to attend to.
"As the chairman of the advisory board, Najib's signatures are required by 1MDB to approve major decisions, including financial transactions, as stated in Article 117(c) of 1MDB's Memorandum and Articles of Association (M&A).
"Hence, I don't see any wrong for Najib to sign off any documents handed to him as I do it myself, too," he told reporters during a press conference in Putrajaya today.
Nazri said this in response to a question on whether Najib was involved in the 1MDB scandal since the latter's signatures were found on joint-venture agreements with Petrosaudi International in which 1MDB had invested US$1billion.
Article 117(c) of the M&A states that any financial commitments, restructuring or anything to do with the government guarantee – for the interest of the company, country or government policy – must require the prime minister's written approval.