After trouble with palace, TIA morphed into 1MDB

NAJIB TRIAL | The Terengganu government had allowed the federal government to take over the Terengganu Investment Authority (TIA) and turn it into 1MDB barely four months after the company was established, the Kuala Lumpur High Court heard today.

According to TIA's then CEO Shahrol Azral Ibrahim Halmi, the company was incorporated in February 2009, but trouble with the palace led to a transfer of ownership from the Terengganu Menteri Besar Incorporated to the Minister of Finance (Incorporated) in July that year...