1MDB: 'Yes, it was my failure,' testifies Najib's former banker

 

1MDB TRIAL | Najib Abdul Razak’s former banker testified it was her failure when she dealt with fugitive businessperson Low Taek Jho (Jho Low) in relation to the then prime minister’s bank accounts.

Former AmBank relationship manager Joanna Yu Ging Ping was giving oral evidence during today’s Kuala Lumpur High Court trial of former finance minister Najib over the RM2.28 billion 1MDB corruption case.

The 41st prosecution witness made the admission during cross-examination by lead defence counsel Muhammad Shafee Abdullah.

The lawyer was grilling her over whether she had any written authority to consult with Low over the managing of Najib’s account, when Nik Faisal Ariff Kamil was the authorised mandate holder over the then premier’s accounts.

Back during the separate trial of Najib over the RM42 million SRC International graft case, Yu (above) testified for the prosecution that she frequently consulted via Blackberry Messenger (BBM) with Low in relation to the handling of the accused’s accounts. Najib is currently serving a 12-year jail sentence over that case.

Former 1MDB chief investment officer and SRC CEO Nik Faisal, who alongside Low, is being sought by Malaysian authorities to assist investigation into the financial scandal.

Shafee: Was there authority in writing for you to contact Jho Low regarding Najib’s account?

Yu: No. Nothing in writing.

Shafee: Was that failure on your part as a banker?

Yu: Yes. It was my failure.

At one point during the trial, Shafee asked whether she had suspicion about the alleged letters from a Saudi royalty claiming that millions of dollars of donation would be given to Najib, to which she said she did not then had suspicion.

When Shafee asked whether Yu asked Najib directly about the US$620 million that flowed into the then premier's accounts in 2013 (before a large portion of it left later that year), she said she did not contact the account-holder directly and instead dealt with Nik Faisal and Low.

Previously, the defence team raised the issue of the four alleged Arab letters which promised over a billion US dollars to Najib, whereby the letters allegedly said the gift should not be construed as an act of corruption since this is against the practice of Islam and that it was merely personal tokens of appreciation to encourage the then premier to continue with his good work to promote Islam around the world.

During proceedings before trial judge Collin Lawrence Sequerah, Shafee raised the issue of Yu’s termination from AmBank.

She clarified that there was no show-cause letter issued to her before her dismissal from the bank, and that there were a lot of reasons behind the dismissal.

The lawyer then asked her to bring the termination letter to court when trial resumes on Monday next week, to which she said she would look for it.

Shafee then informed the court that the defence team seeks for Yu to bring the termination letter as it is directly relevant to the accused’s defence.

Defence counsel Muhammad Shafee Abdullah

Najib is facing four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion from 1MDB.

For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Berhad’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.

On the 21 money laundering counts, Najib is purported to have committed the offences at the same bank between March 22, 2013, and Aug 30, 2013.

The prosecution contended that the wrongdoing at 1MDB was carried out by Low and several others, with Najib’s blessing.

However, the accused’s defence team claimed Najib had no knowledge of the crime perpetrated at 1MDB and that Low, as well as other members of the fund’s management, had masterminded the embezzlement.

Initially a subsidiary of 1MDB, SRC later became fully owned by the Minister of Finance Incorporated (MOF Inc). MOF Inc is also the full owner of 1MDB.

Najib also used to be adviser emeritus to SRC as well as chairperson of 1MDB’s board of advisers. - Mkini