KUALA LUMPUR: A Bank Negara Malaysia (BNM) analyst has given intricate insights today into the labyrinthine movement of millions of ringgit from 1Malaysia Development Bhd (1MDB) funds, shedding light on how these funds eventually found their way to the fugitive businessman Low Taek Jho's company.
Adam Ariff Mohd Roslan, a 29-year-old analyst, said 1MDB's predecessor – Terengganu Investment Authority (TIA), had transferred RM1.01 billion into 1MDB's AmIslamic account after it had been taken over by the federal government in 2009.
Part of the 1MDB task force in 2018, Adam disclosed that 1MDB secured a Syndicated Term Loan (STL) worth RM2.5 billion through Ambank and Standard Chartered Bank Malaysia.
Once the funds were consolidated, 1MDB initiated the movement of RM3.49 billion to Deutsche Bank (Malaysia) in five transactions on Sept 30, 2009.
"On the same day, 1MDB directed Deutsche Bank to channel US$1 billion to two specific accounts: US$300 million to JP Morgan Suisse and US$700 million to the RBS Coutts account," Adam testified.
Former 1MDB executive director Casey Tang Keng Chee signed off on these transactions, according to the analyst's testimony during Datuk Seri Najib Razak's ongoing corruption trial involving the misappropriation of 1MDB funds.
The 47th prosecution witness later verified that the JP Morgan Suisse account was held under the name of 1MDB PetroSaudi, while the RBS Coutts account belonged to Good Star Ltd, an entity owned by Low, also known as Jho Low.
Furthermore, Adam confirmed that the JP Morgan Suisse account had remained devoid of funds before the US$300 million remittance from 1MDB.
Najib, 70, is facing four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.