1MDB TRIAL | An ex-banker with the Singapore branch of BSI Bank testified that fugitive businessperson Low Taek Jho (Jho Low) developed suspicion over media leaks relating to 1MDB-linked transactions.
The bank’s former head of wealth management services, Kevin Michael Swampillai, told the Kuala Lumpur High Court today that this was the reason key figure Low (above) began reducing the former’s role in the investment of funds for 1MDB beginning 2013.
During the RM2.28 billion 1MDB corruption trial against former prime minister Najib Abdul Razak, the 44th prosecution witness gave oral evidence that his then-subordinate Yeo Jiawei began taking a more prominent role on behalf of BSI.
“My involvement in this transaction was gradually reduced from 2013 with my subordinate Yeo taking on a more prominent role on behalf of BSI.
“Effectively I had been sidelined and removed from the information flow as Jho Low had started to develop concerns over leaks given the extent of information that started to appear in the media at that time.
“I was suspected of being a potential source of these leaks and therefore sidelined,” Swampillai told trial judge Collin Lawrence Sequerah as former finance minister Najib looked on from the dock.
Earlier during proceedings, the 58-year-old - who worked with BSI from 2010 to 2016 - testified, among others, that Najib had knowledge about the flow of 1MDB funds through an “obscured” route via BSI Bank.
The former banker claimed that Low - through the bank’s then-relationship manager Yak Yew Chee - caused 1MDB and a few related entities to invest in offshore jurisdiction fiduciary funds, which had the primary objective of using funds “to facilitate the flow of money to a particular destination of their choosing, whilst also obscuring the identity of the investor”.
The witness recollected that Low was the “centre of attention and he held court”.
“He (Low) did most of the talking and everybody listened.
“At the time, Low was largely in a position as (perceived) adviser to 1MDB and SRC (a former subsidiary of 1MDB).
“He was the go-to person to discuss anything to do with these companies and transactions in the accounts,” Swampillai recalled.
Conference call
When asked by deputy public prosecutor Muhammad Mustaffa P Kunyalam during examination-in-chief, the witness conceded, though, that as time went on, it became more evident that Low was not the “apex decision-maker” over the government-owned entities.
Swampillai: They (1MDB and SRC) were government-linked entities and most of them fall under the finance minister (via the Minister of Finance Incorporated or MOF Inc).
Mustaffa: Who was the finance minister at the time?
Swampillai: Najib.
Swampillai also recalled Yak telling him around 2014 that Najib had made a conference call from overseas to ask about 1MDB’s investments.
“I heard Najib on TV many times. He has a distinctive voice. When the conference call (was conducted), I recognised the voice,” the witness said.
Hearing before Sequerah continues tomorrow.
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 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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