AmBank plans to fight Najib’s lawsuit

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

In a filing with Bursa Malaysia on Tuesday, AMMB Holdings Bhd confirmed that it had been served with a writ of summons by Najib on Monday 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, ” said the banking group.

“AMMB and AmBank Islamic will vigorously oppose the action.”

On Monday, Najib filed a suit 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, or better known as Jho Low, is believed to be the mastermind behind the alleged misappropriation of funds from 1Malaysia Development Bhd (1MDB) and its subsidiary SRC International Sdn Bhd, some of which allegedly ended up in Najib’s personal bank accounts.

Najib is facing seven charges of abuse of power, criminal breach of trust and money laundering involving RM42mil in SRC funds.

The former premier has maintained that the money was donations from the Saudi royal family and that he did not authorise AmBank to take instructions from 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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