AmBank Group to 'vigorously fight' Najib's suit

PETALING JAYA: The AmBank Group said it will vigorously fight a suit filed by former premier Datuk Seri Najib Razak (pic) relating to the handling of his current accounts with its subsidiary AmBank Islamic.

In a filing with Bursa Malaysia on Tuesday (Dec 10), AMMB Holdings Bhd confirmed that it has been served with a writ of summons by Najib on Monday (Dec 9), seeking damages in relation to the conduct of his accounts.

“Both AMMB and AmBank Islamic have appointed solicitors to defend the suit and have been advised by solicitors that the allegations are not sustainable and AmBank Islamic and the company have a strong defence.

“AMMB and AmBank Islamic will vigorously oppose the action, ” said the banking group.

It was reported that Najib had filed a suit on Monday against AmBank and its former relationship manager Joanna Yu for alleged negligence in taking instructions from an unauthorised third party, businessman Low Taek Jho concerning his bank accounts without his knowledge or consent.

Low - better known as Jho Low - is believed to be the mastermind behind the misappropriation of 1MDB and its subsidiary SRC International’s funds, some of which ended up in Najib's personal bank accounts.

Najib is facing seven charges of abuse of power, criminal breach of trust, and money laundering related to the RM42mil that originated from SRC International funds.

He has maintained that the money was donations from the royal family of Saudi Arabia.

Najib has also repeatedly maintained that he did not authorise AmBank to take instructions from Jho Low on matters related to his bank accounts.

He is also facing 25 charges of money laundering and abuse of power involving RM2.28bil belonging to 1MDB.

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