1MDB TRIAL | Fugitive businessperson Low Taek Jho (Jho Low) opened a Swiss bank account for Seychelles-incorporated Good Star Ltd three months before the offshore entity received US$700 million (RM3.2 billion) of 1MDB funds, the Kuala Lumpur High Court heard.
Bank Negara analyst Adam Ariff Mohd Roslan revealed these details while testifying at the RM2.28 billion 1MDB corruption trial against former prime minister Najib Abdul Razak this afternoon.
The 47th prosecution witness said documents showed that Low (above) had opened Good Star's bank account on June 11, 2009.
Adam also testified that the same Coutts account had on Sept 30, 2009, received the US$700 million.
Previously, the prosecution contended that US$700 million - out of US$1 billion of 1MDB funds meant for its joint venture with Petrosaudi International Limited (PSI) - had been diverted to Good Star, which was presented by certain quarters as a subsidiary of PSI.
Banking records
Adam also testified that the same Coutts account had on Sept 30, 2009, received the US$700 million, pointing out that banking records showed 1MDB instructed Deutsche Malaysia to make this transfer.
"According to the account opening form here, it states that the Good Star account and its beneficial owner is Low, signed on June 9, 2009, by the client," the central bank analyst told deputy public prosecutor Kamal Baharin Omar during examination-in-chief.
However, Najib's counsel Muhammad Farhan Muhammad Shafee informed the criminal court that the defence team maintained its objection over the admissibility of the document that the prosecution is relying on to prove Good Star's account opening.
Proceedings before trial judge Collin Lawrence continues today, with the trial expected to resume on Sept 18 as well.
As far back as 2016, Reuters quoted an anonymous official saying that Good Star belonged to Low, contrary to the then Najib-led administration's contention that the company was owned by 1MDB's joint venture partner, PSI.
The former finance minister is facing 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.
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