Ten Things We Learnt From Najib S Banker Joanna Yu

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NAJIB TRIAL | Former AmBank customer relationship manager Joanna Yu has become the most prominent witness in the trial against Najib Abdul Razak so far
Yu, 48, had provided a glimpse into the world of how banks dealt with high net-worth clients and how Jho Low played a pivotal role in managing the former prime minister’s bank accounts
Highlights of her testimony are as follows:Low helped Najib set up the AmBank accounts
In January 2011, Low contacted Yu about setting up the bank accounts
Following this, AmBank managing director Cheah Tek Kuang was assigned to meet Najib to complete the paperwork for a savings account, a current account and two credit cards
Cheah testified that he was chauffeured to Najib’s mansion in Jalan Langgak Duta, Kuala Lumpur and was greeted by Low, who ushered the banker into the house
When the paperwork was done, Yu completed the process and notified not just her client but Low as well
“Once the accounts were opened, I informed Mr Cheah and Jho Low that the accounts were opened and cheque books were ready for collection,” said Yu
Low asked banker to hide Najib’s identityOnce the accounts were opened, Low (below) asked Yu to replace Najib’s name on the account with the code name “AmPrivate Banking-MR”. “The reason for the code was based on a query by Jho Low, who had requested for the account to be identified based on the said account number only rather than by the name of the account holder to ensure confidentiality,” Yu said
Nik Faisal had mandate to manage Najib’s accountsIn 2011 and 2013, Najib issued mandate letters to empower SRC International managing director and CEO Nik Faisal Ariff Kamil to manage his accounts. On March 10, 2011, Najib issued a mandate letter so that Nik Faisal could make enquiries on the accounts, clear and confirm all cheques up to RM250,000 without further reference to the account holder
On June 20, 2013, Najib issued another mandate letter to similarly empower Nik Faisal in relation to the former’s three other current accounts with AmBank
“Najib issued a further mandate letter dated Aug 26, 2013, authorising Nik Faisal to, among others, provide written instructions on Najib’s behalf for the transfer of funds between Najib’s three said currents,” Yu said
Nik Faisal claims large deposits were giftsBetween 2011 and 2015, there were large volumes of inward fund transfers from overseas among other transactions, into Najib’s current accounts
However, account mandate holder Nik Faisal informed Yu that the monetary inflows were “gifts”. “I would enquire from Nik Faisal for the purpose of the inward funds received, and was informed that the said inward funds were ‘gifts’.”Low the go-to guy when Nik Faisal is incommunicadoYu testified that Nik Faisal can be hard to reach at times and she would contact Low instead. Yu was under the impression that Low could reach NikFaisal to ensure that the current accounts had a sufficient balance
This was because Najib’s current account was frequently overdrawn and hence Yu had to reach out to Nik Faisal (above). “Yes,” was her simple reply when asked by Najib’s lawyer Harvinderjit Singh on whether she contacted Jho Low whenever Nik Faisal was incommunicado, in light of the fact that he was the mandate holder who could resolve issues with the account
Najib’s accounts closed due to red flags, Low informedThe bad press in 2014 surrounding the issues of mega transfers into Najib’s three current accounts raised red flags. This led to the closure of the accounts ending with the numbers 880, 906, and 898 accounts in March, 2015. Then AmBank group managing director Ashok Ramamurthy, who took over from Cheah, not only flagged the suspicious transactions but also brought up the issue with the bank’s board of directors
Yu testified that this, among others, made her inform Jho Low about the development
“The large cash deposits,” was her reply on the question from Najib’s lawyer Harvinderjit on other reasons for the closing of the accounts that she told Low
Low wanted chat logs deleted, Yu refusedLow tried to convince Yu to erase her Blackberry Messenger chat logs on March 3, 2015. She didn’t. The former banker said that she told Low she did not know how to do so
"Yes (Low told me to clear BBM chat logs), but I never did. Because I don't know how to," she told the court
Banker asked to leave AmBank following 2015 Bank Negara raidYu was told to leave AmBank in 2015 following a Bank Negara raid on the commercial bank’s Jalan Raja Chulan branch on July 6, that year
She said the bank was under pressure due to the raid and her involvement with Najib’s (above) bank accounts
“I left in 2015. I read in the newspaper that they (AmBank) were fined (over failure to file Suspicious Transaction Report or STR). I was asked to leave,” she said
Yu had no direct access to Najib’s accountsContrary to the earlier allegation raised by Najib’s defence regarding “rogue bankers” in the transfers of millions of ringgit into Najib’s accounts, Yu actually had no actual direct access to said accounts. Instead, she would act as a facilitator who assisted in forwarding any request from Najib or his account mandate holder Nik Faisal, to the relevant divisions in AmBank
Bank made sure Najib’s cheques don’t bounceDue to Najib’s position government positions at the time, AmBank decided not to dishonour any of his cheques even if his account was overdrawn
Instead, the bank’s Jalan Raja Chulan branch would alert Yu, who then contact account mandate holder Nik Faisal so he could remedy the situation. “Owing to Najib’s status/position as (then) prime minister and (then) finance minister of Malaysia, even when there were instances where the current accounts were overdrawn, the bank would not automatically dishonour the cheques issued by Najib.”  -Mkini

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