1mdb Trial Bank Negara Analyst Stands By Money Trail Report

---

1MDB TRIAL | Bank Negara Malaysia’s (BNM) analyst is standing by his report on the money trail involving billions of ringgit from 1MDB funds that allegedly ended up in former prime minister Najib Abdul Razak’s personal account.
During cross-examination before the Kuala Lumpur High Court this afternoon, 47th prosecution witness Adam Ariff Mohd Roslan told Najib’s defence counsel Tania Scivetti his conclusion that US$20 million (RM60.6 million) of 1MDB funds flowed from “Prince Faisal” from Saudi Arabia to the accused’s account in 2011.
Scivetti: Without sighting the Riyad bank account of His Royal Highnesses Prince Faisal and Prince Saud for the months of February to June 2011, you cannot form the conclusion in the (money trail) report that US$20 million was purportedly received between February and June 14 2011 in the AmIslamic account maintained in the name of Amprivate Banking-MR (Najib’s 694 account) was traceable to the IMTN (Islamic Medium Term Notes) bond (issued by 1MDB’s predecessor Terengganu Investment Authority in 2009).
Adam: I disagree. I stand by my report. It is traceable.
Earlier during today’s proceedings before judge Collin Lawrence Sequerah, lead defence counsel Muhammad Shafee Abdullah cross-examined Adam on whether the witness had sighted the Riyad bank statement, to which Adam said he did not.
When Shafee pressed on, Adam explained that he could still form the conclusion that 1MDB funds ended up in Najib’s account as he had access to copies of the bank statements of Seychelles-incorporated Good Star Limited as well as the statement of Najib’s Malaysian bank account.
The witness explained that he was able to draw the 1MDB monetary trail chart without needing access to the Riyad account.
Good Star is allegedly linked to fugitive businessperson Low Taek Jho (Jho Low), whom prosecutors claimed to be in cahoots with Najib.
Najib’s bank records
The prosecution previously contended that the Seychelles-based entity had received US$700 million of funds from 1MDB - which was meant to be injected into a joint venture between the Malaysian sovereign wealth fund and Petrosaudi International Limited in 2009.
Fugitive businessperson Jho LowAdam today said he did not need to look at the Riyad bank records as Good Star’s bank statements showed that a total of US$24.5 million was transferred from the entity to the Riyad account in two tranches, one on Feb 18, 2011, and the second on June 10, 2011.
The BNM analyst pointed out that Najib’s bank records showed that the accused received a total of US$20 million in two tranches - one on Feb 24, 2011, and a second one on June 14, 2011.
“Based on the proximity between the dates that Good Star sent the funds to the Riyad Bank account and the dates the Riyad Bank account sent funds to the AmPrivate Banking–MR account, as well as the proximity of the value of funds sent to the Riyad Bank account and the value of funds it transferred to the AmPrivate Banking–MR account, it is reasonably believed that the Riyad Bank account was used as a pass-through account to transfer monies from Good Star, originated from the subject matter (1MDB),” Adam said in the monetary trail report.
‘Prince Faisal’ transaction
The “Prince Faisal” transaction allegedly took place during the first phase (Good Star Phase) out of a total of four phases that purportedly saw a total of RM2.28 billion of 1MDB funds flowing into Najib’s account between 2011 and 2014.
During his six-day stint on the witness stand previously, Adam went into detail on the breakdown of the transactions, including when “Prince Faisal” transferred US$20 million in 2011 and when company Blackstone Asia Real Estate Partners transferred US$30 million in 2012.
He also mentioned that Tanore Finance Corporation transferred US$681 million into the accused’s account in 2013 and that Blackrock Commodities (Global) Ltd and Vista Equity International Partners Ltd (Barbados) transferred a total of RM49 million into Najib’s account in 2014.
Lead defence counsel Muhammad Shafee AbdullahIn the prosecutors’ opening statement at the beginning of the trial in 2019, they contended that Tanore, Blackstone, Vista, and Blackrock are owned by Eric Tan, an alleged close associate of Low and that Low was purportedly Najib’s “alter ego and mirror image”.
‘Not an expert witness’
Earlier during the trial today, Shafee raised the defence’s dispute on the relevancy of Adam’s testimony on the grounds that the witness had testified he was not an “expert” witness.
An expert witness is called when the court has to form an opinion upon a point of foreign law or of science or art, or as to identity or genuineness of handwriting or finger impressions, the opinions upon that point of persons specially skilled in that foreign law, science or art, or in questions as to identity or genuineness of handwriting or finger impressions, are relevant facts.
The trial before Sequerah continues tomorrow. Deputy public prosecutor Kamal Baharin Omar led the prosecution.
Najib is on trial over four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion from 1MDB, a sovereign wealth fund fully owned by the Minister of Finance Incorporated (MOF Inc).
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Bhd’s Jalan Raja Chulan branch in Bukit Ceylon, Kuala Lumpur, between Feb 24, 2011, and Dec 19, 2014.
On the 21 money laundering counts, the accused is purported to have committed the offences at the same bank between March 22, 2013, and Aug 30, 2013. - Mkini

---