1MDB TRIAL | Then prime minister Najib Abdul Razak had expressed concern to a Singapore banker over 1MDB’s overseas investments, the High Court in Kuala Lumpur heard today.
Kevin Michael Swampillai, the former head of wealth management services of the Singapore branch of BSI Bank, testified that this was the impression he got during Najib’s teleconference call with one of the bankers back in 2014.
During the RM2.28 billion 1MDB corruption trial against Najib, the 44th prosecution witness attested that the former finance minister was communicating with BSI’s then-relationship manager Yak Yew Chee regarding billions of ringgit of investments in Bridge Global Absolute Return Fund.
Swampillai said he was listening in on the teleconference call and recalled that Najib was asking about the valuation of the fund and was seeking further documentation that attests to the actual value of the overseas fund.
“My impression was that he (Najib) was concerned, this was communicated to Yak. The nature of the concerns I was not privy to, but it was on the value of the fund (where 1MDB’s monies ended up),” the witness said during cross-examination by lead defence counsel Muhammad Shafee Abdullah, adding that the conversation only lasted five minutes.
The former banker elaborated that he understood the concern due to the then prevailing context of the mass media reporting about the issue of one of these 1MDB funds that passed through BSI and to overseas investment funds such as Brazen Sky Limited.
Swampillai noted that his impression of Najib’s concern was over the media reporting on the alleged link between Brazen Sky and Good Star Limited which was an alleged vehicle of fugitive businessperson Low Taek Jho (Jho Low), among others.
The witness previously testified that Najib knew about the “obscured” nature of the investing of 1MDB funds through BSI and about Yak’s constant dealing with Low in relation to the transactions of the accounts of 1MDB and other related companies at the bank.
Swampillai also previously testified about the teleconference call between Najib and Yak, but not in great detail.
Abuse of power and money laundering
Swampillai’s testimony touched on part of the convoluted alleged 1MDB money trail encompassing four phases spanning a three-year period allegedly linked to Najib, who is facing four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion purportedly from the Malaysian sovereign wealth fund.
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.
On Oct 23, 2020, the Monetary Authority of Singapore (MAS) imposed a lifetime ban on Swampillai over the 1MDB affair.
According to MAS’ official web portal, Swampillai and his then subordinate, Yeo Jiawei, had channelled a portion of the fund management fees or “secret profits” - namely US$5 million - to an entity beneficially owned by Swampillai, without BSI’s knowledge and authorisation.
The Singaporean authority contended that the secret profit was in relation to the duo having assisted 1MDB to restructure several of its joint venture interests.
MAS also claimed that Swampillai “deliberately made misrepresentations to 1MDB’s auditors, KPMG Malaysia, in an attempt to improperly influence the outcome of an audit carried out by them on 1MDB’s fiduciary fund investments”, among other contentions.
Earlier in 2016, the Singaporean authorities imprisoned Yak for 18 weeks and fined him S$24,000 over his role in the 1MDB affair.
Najib’s 1MDB trial before judge Collin Lawrence Sequerah will resume tomorrow. - Mkini
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