KUALA LUMPUR, Sept 25 — The Companies Commission of Malaysia (SSM) approved the transformation of Terengganu Investment Authority (TIA) to 1Malaysia Development Berhad (1MDB) on September 25, 2009, the High Court heard today.

1MDB former chief executive Datuk Shahrol Azral Ibrahim Halmi said he had suggested other names but was rejected by SSM before finally receiving official support from former prime minister Datuk Seri Najib Razak to settle on 1MDB.

“Before the name of 1MDB was finalised, I had asked the company secretary Lim Poh Seng to check a few name suggestions such as 1Malaysia Development Berhad, MDB Wealth Berhad, Malaysia Development Berhad and Malaysia Wealth and Capital Creation Berhad.

“However, these names were not allowed by SSM because the words were regulated. I confirm that 1MDB received a letter of support from Najib to allow the name of 1Malaysia Development Berhad to be registered by SSM,” he said.

Shahrol said he signed a TIA board of directors’ resolution to change the name of the company to 1MDB on September 4, 2009.

SSM then sent an official letter to 1MDB on September 25, 2009, as notification that the company had successfully changed its name.

The company is fully owned by the Ministry of Finance (Incorporated) with shares of 1,000,000,001.