Najib's 2 personal accounts received RM2.28b, BNM analyst tells court

1MDB TRIAL | A Bank Negara analyst has testified that former prime minister Najib Abdul Razak received over RM2.28 billion of 1MDB proceeds over four phases from 2011 and 2014.

Adam Ariff Mohd Roslan told the Kuala Lumpur High Court today that this was based on the monetary trail he prepared based on an analysis of 343 banking and other documents.

“In summary, it was found that the specified funds received by Najib in his two personal bank accounts (ending with 694 and 880) at AmIslamic Bank are traceable to the proceeds raised by 1MDB and its related companies in the four phases,” the 47th prosecution witness said.

During the RM2.28 billion 1MDB corruption trial against the former finance minister, Adam said the fund flows took place over four phases, namely the Good Star phase, the Aabar-BVI phase, the Tanore phase, and the options buyback phase.

The witness said for the Good Star phase between Feb 23, 2011 and June 14, 2011, RM60,629,839.43 of the proceeds credited into Najib’s 694 AmPrivate Banking - MR account at AmIslamic Bank, from an account at Riyad Bank, Saudi Arabia - was found to be traceable to the issuance of 1MDB’s Islamic Medium Term Notes (IMTN) bond in 2009 and its syndicated term loan in 2010.

For the Aabar-BVI phase between Oct 30, 2012, and Nov 20, 2012, RM90,899,927.28 of the proceeds were credited into Najib's 694 account, from an account at Standard Chartered Bank, Singapore, held in the name of Blackstone Asia Real Estate Partners, which Adam said was traceable to the bond issued by 1MDB Energy (Langat) Ltd in 2012.

The analyst, who was seconded to the MACC's 1MDB task force in 2018, said for the Tanore phase between March 21, 2013 and April 10, 2013 - RM2,081,476,926.00 of the proceeds credited into Najib’s 694 account, from an account at Falcon Private Bank, Singapore, held in the name of Tanore Finance Corp - was traceable to the bond issued by 1MDB Global Investment Ltd in 2013.

As for the options buyback phase on June 23, 2014, Adam said RM4,093,500.00 of the proceeds credited into Najib’s 880 AmPrivate Banking - 1MY account at AmIslamic Bank, from an account at DBS Bank, Singapore, held in the name of Blackrock Commodities (Global) Ltd - was traceable to the US$250 million loan proceeds of 1MDB Energy Holdings Ltd in 2014.

Adam pointed out that during the options buyback phase between Oct 23, 2014, and Dec 19, 2014, RM45,837,485.70 of proceeds credited into Najib’s 880 account from an account at Amicorp Bank, Barbados, held in the name of Vista Equity International Partners Limited, was found to be partially traceable to the US$975 million loan proceeds of 1MDB Energy Holdings Ltd in 2014.

The trial before judge Collin Lawrence Sequerah continues today.

25 charges

Najib 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.

Prosecution is conducted by deputy public prosecutor Kamal Baharin Omar, while the accused is represented by counsel Muhammad Farhan Muhammad Shafee.

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