RM4 billion was transferred from pension fund KWAP into SRC International via five transfers in 2011 and 2012, a senior AmBank manager testified at Najib Razak’s criminal trial today.

Wedani Senen, 45, remittance department manager at the AmBank head office in Kuala Lumpur, told the court that the money was transferred into two SRC International company current accounts.

She confirmed that RM2 billion was credited into current account number 211-202-200973-6 via four transfers of RM500 million each on August 29, 2011, about seven months after the account was opened on January 28, 2011.

She also confirmed that a single transfer of RM2 billion was credited into current account number 211-202-20165-0 on March 28, 2012, about four months after the account was opened on November 10, 2011.

KWAP is a public services pension fund with a total fund size of RM140.8 billion, according to its website. 

The previous government said SRC International was formed to identify and invest in natural resources and mineral ventures, including the acquisition of stocks or company securities.  

SRC International reportedly used US$45.5 million (RM188 million) to invest in a coal mine in Mongolia via a joint-venture company between SRC International Sdn Bhd and Aabar Investments PJS.

The 1Malaysia Development Bhd audit report, declassified days after Pakatan Harapan swept into power on May 9, last year, said the investment was done without a feasibility study.

The RM4 billion loan from KWAP is in the form of an Islamic term financing loan, guaranteed by the government at 4.65% interest for its first three years and 4.35% for the remaining tenure of the financing.

When examined by deputy public prosecutor Sulaiman Kho, Wedani testified that successful transactions into AmBank were recorded via “confirmation advice” generated by the bank’s Rentas unit.

Rentas transactions are domestic interbank transfers of RM10,000 and above. 

When prompted on why RM2 billion was transferred in four transactions of RM500 million each on August 29, 2011, Wedani said the manager in charge of was only authorised for a maximum transfer of RM500 million per transaction. 

On why a single RM2 billion was allowed on March 28, 2012, Wedani said the officer in charge of the transfer was a senior manager who was allowed to perform a transaction of such an amount.

Wedani added that the money was transferred from KWAP on a Wednesday at 5.40pm and the single transfer was also prompted by the closure of the central bank at 6pm.

The defence is arguing that Najib is not fully aware of transactions in his bank accounts, that they were manipulated without his authorisation and that he was misled by bankers who cooperated with outsiders and possibly his own nominees to steal from SRC International.

Attorney-General Tommy Thomas leads the prosecution. Najib, dressed in a grey suit, sat in the dock and appeared calm.

His dozen-strong defence team is led by prominent Umno lawyer Shafee Abdullah. 

The trial, presided over by Kuala Lumpur High Court judge Mohd Nazlan Mohd Ghazali, adjourned to Thursday. – April 30, 2019.