Part of 1MDB’s loan money went into Najib’s account, court told

The KL High Court hears that more than £9.45 million in 1MDB funds was deposited into former prime minister Najib Razak’s private account in 2014. – The Malaysian Insight file pic, September 21, 2023.

THE Kuala Lumpur High Court today was told that more than £9.45 million (RM54.5 million) in 1Malaysia Development Bhd (1MDB) funds was deposited into former prime minister Najib Razak’s private account in 2014.

Bank Negara Malaysia analyst Adam Ariff Mohd Roslan, 29, said the money came from two foreign firms, Blackrock Commodities (Global) Ltd and Vista Equity International Partners, companies controlled by Eric Tan Kim Loong, who is alleged to be an associate of fugitive businessman Low Taek Jho or Jho Low.

The 47th prosecution witness said the money was deposited into Najib’s account ending “880”, between June 23, 2014 and December 17, 2014.

“Blackrock transferred £750,000 (RM4.09 million per the exchange rate then) on June 19, 2014, while Vista Equity transferred £8.7 million (RM45.8 million per the exchange rate then) into the same account in five transactions,” he said.

According to the prosecution’s opening statement at the beginning of the trial in 2019, it contended that the said amount of £9.45 million was originally from 1MDB through its subsidiary, 1MDB Energy Holdings Ltd, where it obtained two loans totalling US$1.22 billion from Deutsche Bank Singapore.

Adam also said Najib’s “880” account had RM100,000 before the transferred £750,000 sum came in.

The witness said this when verifying the money trail report at Najib’s trial involving the alleged misappropriation of RM2.3 billion in 1MDB funds.

Najib, 70, donned a blue suit and tie in the courtroom today. A few of his supporters were seen sitting in the public gallery in the courtroom.

The former prime minister is facing 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 Collin Lawrence Sequerah continues on October 9. – Bernama, September 21, 2023.

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