NOT only was Low Taek Jho at the former prime minister’s home in early 2011, it was the Penang-born businessman who ushered a top bank official to help Najib Razak open a handful of bank accounts, the court heard last week.

Former AmBank group managing director Cheah Tek Kuang said he met Low at Najib’s private residence in Langgak Duta, Kuala Lumpur, in early January.

Low, or better known as Jho Low, would have been 29 years old at the time.

“Najib and I proceeded to the guest room, while Jho Low waited in a different part of the residence,” the 72-year-old Cheah told the Kuala Lumpur High Court.

Low is a fugitive wanted in connection with the alleged pilfering of the now defunct sovereign wealth fund 1Malaysia Development Berhad (1MDB), which US and Malaysian authorities say was to the tune of US$4.5 billion (RM18.5 billion).

Defence lawyers are keenly interested in Low, having previously suggested in court that bankers might have cooperated with him to acquire funds from former 1MDB subsidiary SRC International Sdn Bhd, possibly with the help of the entity’s senior executives.

Najib is facing seven criminal charges in relation to SRC International, accused of receiving RM42 million in his personal accounts in 2014 and 2015.

During Cheah’s cross-examination, he denied any close relationship with Low, telling the court that he “detested” the man for being habitually late to appointments.

Cheah added that during the 20-minute meeting at Langgak Duta, Najib said he was expecting political donations from Saudi Arabia between US$100 million (RM411 million) and US$200 million.

Cheah said he handed the signed forms to Joanna Yu, one of the three AmBank staff who liaised with holders of bank accounts linked to Najib and 1MDB as well as SRC International.

He said Low also influenced a decision to not include Najib’s name on his current bank account, ending with “694”, and to use a code name instead.

“I was informed by Joanna that the reason for the code name was based on a query by Jho Low, who requested that the account be dealt with the strictest confidence,” Cheah said. 

He also later met and informed then Bank Negara governor Zeti Akhtar Aziz of the accounts, who made no objections but said banking rules and regulations must be heeded.

Cheah retired from the bank on April 1, 2012 and was later appointed as a non-executive director.

He also served on the Retirement Fund Inc (KWAP) investment panel that approved the first loan of RM2 billion to SRC International disbursed on August 29, 2011.

Cheah said he did not attend the investment panel meeting that approved the second RM2 billion loan to SRC International that was disbursed on March 28, 2012.

He corroborated previous testimonies that the first loan was for investment in natural resources and related industries, and not anything else.

Meanwhile, former chief executive of the charity foundation Yayasan Rakyat 1Malaysia (YR1M) Ung Su Ling denied she took instructions from Low when she facilitated the transfer of millions into Najib’s personal AmBank accounts.

Ung said she was instructed by the late Azlin Alias, Najib’s principal private secretary, to facilitate transfers amounting to RM42 million into Najib’s bank accounts on December 26, 2014 and February 10, 2015.

Ung told the court the transactions were funnelled through Ihsan Perdana Sdn Bhd, the corporate social responsibility partner to YR1M and 1MDB.

She also denied that the term “our friend” used in phone text communications with Yu was a reference to Low.

Ung said she met Najib at his office after news of the 1MDB scandal broke in mid-2015.

He had appeared “very annoyed” and acknowledged that the allegations of misappropriation of SRC International funds was “very damaging” to his political career, she said.

Najib’s credit card used to spend nearly RM4 million

Last week, court also heard that close to RM4 million was charged to two of Najib’s credit cards in 2014 and early 2015.

The cards were used to purchase luxury goods in Italy, Hawaii and a stay at the Shangri-La hotel in Bangkok on January 4, 2015.

Among the purchases, a total of €750,000 (RM3.3 million) was spent on August 8, 2014, at an Italian branch of Swiss-owned jewellers, De Grisogono.

In Hawaii, US$130,627 (RM466,000) was charged for purchases at luxury boutique Chanel in Honolulu on December 22, 2014.

The transactions were through a Visa platinum credit card and a Mastercard platinum credit card, that had a combined spending limit of RM3 million.

AmBank senior vice-president Yeoh Eng Leong, who is in charge of credit card authorisation and fraud management, testified that RM3.28 million in credit card debt was settled with a payment from an AmBank account ending with “880” on August 13, 2014.

The account was established earlier in the trial as belonging to Najib.

A further RM466,000 for the Chanel tab and RM127,000 for the Shangri-La stay were paid on February 5, 2015.

Lastly, the court was told that Putrajaya owes KWAP RM9.2 billion in principal and interests for the RM4 billion 10-year loans taken out for SRC International.

Mohd Shuhaimi Ismail, a senior partner at law firm Hisham, Sobri & Kadir, which handled financing documentation between SRC International and KWAP, verified the amount and confirmed a facility agreement was signed by officials from both entities.

Last month, another witness had told the court that SRC International currently owes KWAP RM4.15 billion.

Afidah Azwa Abdul Aziz, a strategic investment deputy secretary with the Finance Ministry, had said the debt would be settled by 2022.

If convicted, Najib, 66, faces up to 20 years in prison. He is represented by a dozen lawyers led by Muhammad Shafee Abdullah.

Attorney-General Tommy Thomas leads the prosecution, while justice Mohd Nazlan Mohd Ghazali presides.

The trial continues tomorrow. – July 21, 2019.