KUALA LUMPUR (June 13): AmBank Bhd’s treasury department received instructions to convert US$620 million — an amount that was transferred into Datuk Seri Najib Razak’s private bank account in July and August 2013 — into the local currency. 

In addition, the bank also helped to convert £8.7 million that was in the former prime minister’s other private account.   

In the 1MDB-Tanore trial, Salmah Daman Huri, AmBank’s treasury department vice president, testified to making foreign exchange transactions of US dollars into ringgit for Najib’s account.

The said transactions in the US dollars were made according to the exchange rate at that time, to the account known as AmPrivate Banking — MR C/O AmPrivate Banking, which belongs to Najib.

She testified that a foreign exchange transaction of US$200 million in the account was made and converted to RM652.6 million on July 31, 2013. Two more exchange transactions were made of US$100 million each, which amounted to RM654 million.

On Aug 20, 2013, Salmah confirmed a foreign exchange transaction of US$55 million which was exchanged to more than RM181 million and on the next day, Aug 21, US$165 million was converted to RM545 million.

During the cross-examination, Salmah was asked by Najib’s lawyer Wan Aizuddin Wan Mohammed if any of these transactions were flagged by Bank Negara Malaysia (BNM) or AmBank.

She replied that BNM had never raised any red flags and that AmBank also did not raise any red flags on the transactions.

Wan Aizuddin: If there were any red flags, would you be informed?

Salmah: Yes.

Wan Aizuddin: [Similarly] for foreign transactions, [if there were] any red flags, would you also inform [BNM]?

Salmah: Yes.

While it was stated in her witness statements that the MR C/O AmPrivate Banking account was Najib’s account, she did not know at that time that it belonged to him and only found out after investigations into 1MDB had begun.

She further clarified that in her department, she would not know the identities of the account holders, adding that the identities of the customers would be secret. She also noted that these clients were dealt directly with by the bank’s relationship managers.

Wan Aizuddin: Did you ask the relationship manager the identity of the account holder?

Salmah: No, I didn’t.

Wan Aizuddin: As you only dealt with the relationship manager, you can’t confirm if the instructions for these transactions came from the customer?

Salmah: Yes.

More than £8 million was transferred into Najib’s account ending ‘880’

Before her cross-examination, Salmah also verified transactions that came from Blackrock Commodities (Global) Ltd from DBS Bank Ltd, Singapore and Vista Equity International Partners through Amicorp Bank And Trust Ltd, Barbados into Najib’s account ending “880” which was known as AmPrivate Banking- 1MY.

The transactions amounted to more than £8 million, which Salmah, through her department, had converted the amount into ringgit, amounting to more than RM45 million based on the exchange rate when the transactions took place in 2014.

Both Vista Equity and Blackrock Commodities are companies owned and controlled by Eric Tan, a trusted associate of fugitive financier Low Taek Jho, who is better known as Jho Low.

There was also another transaction of £750,000 or RM4.093 million from Blackrock Commodities to Najib’s account under the name AmPrivate Banking-1MY.

The transactions took place between June and December 2014, according to Salmah.

Salmah was released as a witness from the stand after questioning.

In the opening statement in the trial, lead prosecutor Datuk Seri Gopal Sri Ram said that between Oct 23 and Dec 19, 2014 Vista Equity through five tranches in sterling currency transferred a sum equivalent to RM45.83 million into Najib’s account.

He said that the more than RM45 million and the earlier RM4.09 million into Najib’s other account form the subject of the fourth charge of abuse of power in the trial.

In the 1MDB-Tanore trial, Najib has been charged with four counts of abuse of power in enriching himself with RM2.3 billion of 1MDB funds and 21 counts of money laundering of the same amount. He could face a fine and up to 20 years’ imprisonment if convicted.

The Edge is covering the trial live here.

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