1MDB trial: Najib closed account after transferring RM162 mil, says witness

KUALA LUMPUR – The high court here today was told that Datuk Seri Najib Razak had closed his Ambank account ending with number 694 after transferring more than RM162 million, which was alleged to be illicit funds obtained from unlawful activities by 1MDB Global Investment Ltd, to his new account at the same bank.

Foo Wei Min, who is assistant director at police’s money laundering criminal investigation division, said the funds were transferred to Najib’s new Ambank account ending with the number 880 through two transactions, each amounting to RM150,000,000 and RM12,436,711.87, on August 27 and 30, 2013.

“The final balance (in the old account) after these transactions was RM0.00. The old account was closed on the same date, which is August 30,” he said.

The 48th prosecution witness said this when reading out his witness statement during the examination-in-chief by deputy public prosecutor Kamal Baharin Omar in Najib’s trial involving the alleged misappropriation of RM2.3 billion of 1MDB funds.

Meanwhile, Foo, 47, said his investigation revealed that a total of RM2,034,350,000 was returned to Tanore Finance Corp in Singapore through five transactions between August 2 and 23, 2013.

“Based on my ‘First In, First Out’ investigation, and supporting documents, there were overseas transfers of illicit funds from 1MDB at Tanore level, which were received by Datuk Seri Najib (to the Tanore account at Falcon Private Bank Ltd) through five transactions.

“These transfers followed letters of instruction from Datuk Seri Najib dated July 30, 2013, and August 21, 2013, and Ambank carried out the transfer of funds amounting to RM2,034,350,000 from account 694 to Tanore, equivalent to US$620,000,000,” the witness stated.

“All five transactions were routed through JP Morgan Chase Bank to be credited to the Tanore account at Falcon Private Bank Ltd, Singapore,” he said.

Najib, 70, faces four charges of using his position to obtain bribes amounting to RM2.3 billion belonging to 1MDB and 21 charges of money laundering involving the same amount.

The trial before judge Datuk Collin Lawrence Sequerah continues on October 18. – October 12, 2023