KUALA LUMPUR – A senior Ambank official told the high court here today that if the millions of US dollars transferred out of former prime minister Datuk Seri Najib Razak’s personal bank account were to be made public it would have led to the market “taking a position”.
Najib had received over US$681 million (RM2.23 billion at that time) in his personal bank account in Ambank from 2011 to 2013 from three sources.
They included an individual named Prince Faisal bin Turkey Bandar Al Saudi, as well as two foreign firms, Blackstone Asia Real Estate Partners and Tanore Finance Corporation.
However, a sum of US$620 million was then transferred back to Tanore in August of 2013.
Testifying in Najib’s 1Malaysia Development Berhad corruption trial, AmBank Private Banking Capital Market Desk head Yap Wai Keat explained that the former prime minister’s personal account with the bank was considered “sensitive” and treated with extra caution.
This is because Najib was considered a politically exposed person.
A senior bank dealer or relationship manager was personally assigned to manage matters pertaining to his bank account, including conducting the necessary due diligence over large money transactions.
Yap was grilled by Najib’s lawyer Wan Aizuddin Wan Mohammed under cross-examination. Wan Aizuddin queried him on why former Ambank’s relationship manager Joanna Yu Ging Ping had informed him of the account holder’s identity although he is only responsible for matters pertaining to foreign exchange.
“At that point in time, he was the prime minister and also because the transaction amount is actually quite large,” Yap said.
“If the market actually knows the amount, definitely the market would have actually taken a position ahead and that would actually affect the ringgit value,” he added.
Wan Aizuddin then asked whether a transaction of US$10 million coming into the Malaysian market would affect its position. Yap replied with a no. He explained that the market would be affected if there is an excessive outflow of foreign currencies.
“The market wouldn’t be affected that much compared to the amount of over US$600 million. So that is why we have to be more careful,” he said.
Earlier, Wan Aizuddin had questioned Yap on two transactions of US$9.9 million each – on February 24 and June 14 of 2011 respectively – that were deposited in Najib’s account from an individual named Prince Faisal bin Turkey Bandar Al Saudi.
Wan Aizuddin again produced a letter dated February 1, 2011, in the court, allegedly signed off by the late King Saud Abdulaziz Al-Saud, and addressed to Najib.
The said letter purportedly stated a pledge to gift US$100 million to Najib by the Saudi royal family.
Wan Aizuddin questioned Yap on whether the earlier transactions could be linked to this letter which was purportedly from the Saudi royal family. Yap answered that he has no personal knowledge on the matter. – The Vibes, September 29, 2022
