1MDB TRIAL | AmBank converted over £8.7 million into more than RM45 million for private client account 880 between Oct 21 and Dec 19 2014, the Kuala Lumpur High Court heard today.
The bank’s vice-president of the Treasury Operation Department, Salmah Daman Huri, testified that the conversion of £8,706,021.92 into RM45,837,485.70 was done in five transactions involving the AmBank account 2112022011880.
During today’s RM2.28 billion 1MDB corruption trial against former prime minister Najib Abdul Razak, the 23rd prosecution witness said that during the material time, she did not know the identity of the account holder as her department then had no access to the identity of the private client account.
(Her department only processed foreign exchange transactions of money going into private client accounts, with the identity of the account holder only known by the bank’s relationship manager dealing with the client, among others).
She said that the foreign exchanges involved transfers from Vista Equity International Partners into the 880 account under the name AmPrivate Banking 1MY.
It was previously reported that Vista Equity, which is based in the Seychelles, was allegedly linked to fugitive businessperson Low Taek Jho (Jho Low).
While under cross-examination by defence counsel Wan Aizuddin Wan Mohammed, Salmah answered that she only found out Najib was the account holder when she gave her statements to MACC around 2018.
Wan Aizuddin: The Amprivate MR (account 880), you do know the identity of the account holder?
Salmah: During the transactions, I did not know.
Wan Aizuddin: You only knew after the investigation?
Salmah: Yes, through the investigation officer.
The witness also testified that she could not confirm that the foreign exchange transaction came from Najib as her department dealt with the account holder’s relationship manager over these transactions.
No ‘report’ received
During re-examination by deputy public prosecutor Najwa Bistamam, Salmah said that to her knowledge, her department never received any ‘report’ from Najib regarding the voluminous foreign exchange transactions.
It is understood that the ‘report’ refers to any input or complaint from Najib regarding the foreign exchange transactions.
Last week, Salmah testified that AmBank converted US$710 million into RM2.1 billion for a private client.
Her testimony today added that these transactions (testified last week) as well as additional transactions in her latest testimony involved Najib’s account.
On May 17, 1MDB’s former chief financial officer Azmi Tahir concurred with the prosecution that over RM45 million in funds from the sovereign wealth fund went into Najib’s 880 account via five tranches between October and December, 2014.
The RM45 million in transactions involving the 880 account are the subject matter of three out of four abuse of power charges faced by former finance minister Najib.
Proceedings before trial judge Collin Lawrence Sequerah will continue this afternoon.
25 charges
The accused is on trial for four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion of 1MDB’s funds.
Besides being the former premier and finance minister, Najib also used to be the chairperson of 1MDB’s board of advisers. 1MDB is wholly owned by the Minister of Finance Incorporated.
The Pekan MP was alleged to have committed the four counts of corruption at AmIslamic Bank Berhad’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
In regard to the 21 money laundering charges, 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 with the blessing of Najib.
The accused’s defence team however claimed that he had no knowledge of the crime perpetrated at 1MDB, and that the embezzlement was solely masterminded by Low and other members of the fund’s management. - Mkini
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