1MDB Trial | "First In, First Out" (FIFO) analysis showed that Najib Abdul Razak signed five cheques worth RM22.6 million involving funds embezzled from 1MDB in 2013, a money laundering investigating officer (IO) testified.
During the RM2.28 billion 1MDB corruption trial against the former prime minister, 1MDB money laundering case IO Foo Wei Min told the High Court in Kuala Lumpur that the FIFO methodology conducted on 2013 bank documents linked to the accused’s 694 account at AmIslamic Bank.
The 48th prosecution witness said in 2013, the first cheque for RM20 million was cashed into Umno's account on Aug 2; the second cheque for RM100,000 went into Umno Batu Kawan's account on Aug 7; RM246,000 went into businessperson Lim Soon Peng's account Aug 7, RM2 million flowed into company Orb Solutions Sdn Bhd on Aug 12; and RM303,000 cashed into firm Semarak Konsortium Satu Sdn Bhd on Aug 14.
"The result of FIFO analysis on the 694 AmBank account found five transactions involving utilisation of unlawful proceeds from 1MDB GIL (a subsidiary of 1MDB) Tanore stage (third out of four phases where RM2.28 billion of 1MDB funds allegedly flowed into Najib's accounts between 2011 and 2014) were identified as having received unlawful proceeds via the issuance of cheques issued from the 694 AmBank account.
"All the cheques were signed by Najib himself," Foo told trial judge Collin Lawrence Sequerah.
The assistant commissioner of police said the following persons confirmed receiving the cheques from Najib’s account - Umno treasurer Ahmad Husni Mohamad Hanadzlah in relation to the RM20 million; Batu Kawan Umno division chief Mohd Nor Ahmad over the RM100,000 which was allegedly used for political purposes; a CIMB Bank officer on the RM246,000 cheque that went into Lim’s account.
Foo testified that an analyst from the anti-money laundering enforcement unit of Maybank’s compliance division confirmed the RM2 million that went into Orb Solutions’ account as well as RM303,000 that went into Semarak Konsortium Satu’s account.
The witness explained that Najib’s former special officer Amhari Efendi Nazaruddin is Orb Solutions’ director.
“Orb Solutions had offered Najib publicity services on social media and online such as Facebook, Instagram, Twitter, and Najib’s personal blogs.
“Money from 1MDB GIL was channelled to Orb Solutions as payment for constructing the online social media services and also for maintenance fees,” Foo added.
The trial before Sequerah resumes this afternoon.
Najib is on trial over four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion from 1MDB, a sovereign wealth fund fully owned by the Minister of Finance Incorporated (MOF Inc).
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
On the 21 money laundering counts, the accused is purported to have committed the offences at the same bank between March 22, 2013, and Aug 30, 2013. - Mkini
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