KUALA LUMPUR: Datuk Seri Najib Razak today denied that US$120 million (RM515 million) deposited into his bank account originated neither from The Retirement Fund Inc (KWAP) nor SRC International Bhd.
The incarcerated former prime minister said this was confirmed by his legal team after they analysed documents related to the money transactions.
The 71-year-old was testifying in a US$1.18 billion civil suit filed by SRC International against him and its former chief executive, Nik Faisal Ariff Kamil, before High Court judge Datuk Ahmad Fairuz Zainol Abidin.
Najib said offshore asset recovery expert and liquidator for SRC International Angela Barkhouse, when testifying in the same trial, also confirmed that the monies did not originate from the company.
Under cross-examination by SRC International's lawyer Datuk Lim Chee Wee, Najib said it was inconsistent with what his lawyer had presented regarding the transactions.
"The money that entered my account, according to the documents analysed by my legal team, was concluded not to be from KWAP or SRC.
"Since I do not have the documents, I leave it to my lawyers during submissions to provide details of my account to show that it did not come from KWAP or SRC," he said.
Lim, however, repeatedly questioned Najib as to whether, as a witness, he could show the court if the three credited transactions were not from KWAP or the strategic investment company.
Lim: Regarding the allegation of US$120 million from SRC being credited into your account, do you have documented proof of its source?
Najib: I deny it came from SRC International, and my lawyers will produce the documents during submissions. That is my decision.
Lim: As for evidence, are you saying your lawyers will produce it? Do you currently have any proof?
Najib: I do not have the documents, but my lawyers will present them.
Lim: So as a witness, you do not have any evidence in your possession to show the source of the US$25 million?
Najib: We will prove it when the lawyers submit the documents.
In March, Barkhouse told the court that Najib received US$120 million in his personal bank account, which originated from loans taken by SRC International Sdn Bhd from KWAP.
The witness said that her testimony was based on the flow of funds, showing Najib received the money through three transactions.
She said Najib received the funds from an investment company - Blackstone Asia Real Estate Partners Ltd - US$70 million on Dec 29, 2011, US$25 million each on March 12, 2012 and May 22, 2012.
Barkhouse said she examined Najib's AmPrivate Banking-MR bank statements and was able to match the amount in ringgit with transactions from Blackstone's account in US dollars using currency exchange rates.
However, she said that she could not yet identify which bank account made the payment.
Fugitive businessman Low Taek Jho, or Jho Low, is said to have established Blackstone, a name similar to the private real estate equity firm Blackstone Real Estate, deliberately using it to resemble a well-established company in a conspiracy to embezzle millions from 1MDB.
SRC, under its new management, filed the suit in May 2021, claiming that Najib had committed a breach of trust and abuse of power, and had personally benefited from the company's funds and misappropriated the said funds.
It is also seeking a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust and for Najib to pay back the RM42 million in losses it has suffered.
The trial continues.