PUTRAJAYA: The High Court here was told today that in 2008, the Finance Ministry endorsed a proposal for Menteri Besar Terengganu Incorporated (MBTI) to retain complete control over the Terengganu Investment Authority (TIA).

Former Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the Finance Ministry’s proposal was followed by a federal government guarantee for the issuance of RM5 billion in Islamic Medium-Term Notes for the development of the state investment company.