Repercussions For Malaysia If Pm S Cheques Bounced Najib S Ex Banker

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1MDB TRIAL | Najib Abdul Razak’s former banker testified today that there would be repercussions for Malaysia if AmBank allowed the then-prime minister’s cheques to bounce.
Former relationship manager Joanna Yu told the High Court in Kuala Lumpur that was the reason why Ambank, her former employer, did not just close down Najib’s accounts when they were constantly overdrawn.
During the RM2.28 billion 1MDB corruption trial against Najib, who is also a former finance minister, the 41st prosecution witness said this in reply to deputy public prosecutor Ahmad Akram Gharib.
In his re-examination of Yu, Akram asked why, despite Najib’s accounts then being constantly overdrawn before being topped up, courtesy of fugitive businessperson Low Taek Jho (Jho Low), the bank did not close down the then-prime minister’s accounts.
Yu had previously testified that she was in constant communication with Low in regard to the management of Najib’s accounts, including not taking action whenever the accused’s accounts were overdrawn after Najib had issued cheques.
She had also testified that whenever Najib’s accounts were overdrawn, Low’s alleged aide Kee Kok Thiam would deposit sufficient money into Najib’s accounts to ensure the cheques did not bounce.
Former AmBank employee Joanna YuAkram asked the witness why there seemed to be two sets of laws, one for normal people and one for Najib.
Akram: If you let cheques bounce, what did you have in mind would happen?
Yu: I do not know. We were concerned with the negative media (reports) if the PM’s cheques were to bounce. It could be anything. These were cheques issued by the PM of Malaysia. Anything can happen. It was a reputation risk to the PM. I was very stressed at the time.
Akram: You said the media may pick up and the PM’s name would be smeared (if the cheques were allowed to bounce). Why do you think so?
Yu: This is Malaysia. I cannot say for sure, but I remember it was political, and this is the PM’s account. We did not allow cheques to bounce as we do not want repercussions for the bank and Malaysia.
The former banker testified that if Najib issued cheques, she and the bank took it that the then-prime minister would like to honour the payments, explaining that hence they could not return the cheques to Najib.
Akram then asked whether a normal individual could do the same thing, like the then-prime minister and Yu replied that she does not think so.
“It was very stressful and challenging as time went by,” Yu explained about dealing with Najib’s accounts.
When the prosecutor asked whether the four alleged Arab letters, behind the US$620 million that flowed into Najib’s account in 2013 before flowing out later that same year, had any official stamp of the Prime Minister’s Office, Yu said there was none.
Previously, Najib’s defence team had raised the issue of the four letters allegedly from Saudi royalty promising donation of more than one billion US dollars to the then-prime minister.
“The gift should not, in any event, be construed as an act of corruption since this is against the practice of Islam and I personally do not encourage such practices in any manner whatsoever.
“This is merely a personal token of appreciation and I am hoping that the gift would encourage you to continue with your good work to promote Islam around the world,” all four letters read.
When Akram asked whether it was possible for Low or Najib's authorised mandate holder Nik Faisal Ariff Kamil (who also used to be 1MDB's chief investment officer) to sign cheques on behalf of the then-prime minister, Yu said it is not possible as the accused was the sole signatory.
The witness added that Najib had never complained to her or the bank about how his account was managed or over transactions therein.
Former 1MDB chief investment officer Nik Faisal Ariff KamilTowards the end of proceedings, Akram informed the court that after Yu, the prosecution’s next witness would be Kevin Swampillai, who used to be with BSI Bank in Singapore.
The trial before judge Collin Lawrence Sequerah resumes tomorrow, with the prosecution expected to continue its re-examination of Yu.
Najib is facing four counts of abuse of power and 21 counts of money laundering involving RM2.28 billion from 1MDB.
For the four abuse of power charges, the former Pekan MP is alleged to have committed the offences at AmIslamic Bank Berhad’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.
The prosecution contended that the wrongdoing at 1MDB was carried out by Low and several others, with Najib’s blessing.
However, the accused’s defence team claimed Najib had no knowledge of the crime perpetrated at 1MDB and that Low, as well as other members of the fund’s management, had masterminded the embezzlement.
The authorities are still attempting to track down Low and Nik Faisal, among several others linked to the 1MDB affair. - Mkini

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