1MDB wanted to speed up US$1bil remittance into two accounts, court told

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) wanted to accelerate a US$1bil remittance into two accounts including an account which was later revealed to be linked to fugitive businessman Low Taek Jho or Jho Low, the High Court heard.

Deutsche Bank (M) Bhd's former managing director Jacqueline Ho, 51, testified that the bank received a remittance instruction on Sept 30, 2009, from 1MDB for the US$1bil to be split to two transactions - US$300mil into a J.P. Morgan SA account for 1MDB Petrosaudi Ltd (1MDB-Petrosaudi) and US$700mil into a RBS Coutts Bank Ltd account for PetroSaudi International (PSI) Ltd.