1MDB trial: Najib's account received RM2bil in illicit funds from Tanore, court hears

KUALA LUMPUR: Datuk Seri Najib Razak's Ambank account received US$681mil (RM2.08bil) in illicit funds from Tanore Finance Corporation (Tanore), a senior police officer told the High Court here Thursday (Oct 12).

Anti-Money Laundering Criminal Investigation Division assistant director Asst Comm Foo Wei Min said he applied the "first in, first out" (Fifo) investigative method to determine whether or not the money going into the Ambank account ending with the number 694, belonging to the former prime minister, was illicit or clean money.

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The 48th prosecution witness in Najib's 1Malaysia Development Berhad (1MDB) graft and money-laundering trial said his investigation found that the account held by Tanore, which is registered in Singapore, was opened at Falcon Private Bank on Nov 2, 2012.

Furthermore, he said, the authorised person and beneficial owner named was Tan Kim Loong, an associate of fugitive businessman Low Taek Jho or Jho Low.

"Through this method of investigation, receipt of Tanore's illicit money of US$681,000,000 or RM2,081,476,926 into AmBank Account 694 can be separated from money from other sources as well as money already in the account.

"I took into account the inflow of money from the date the account was opened. Then I deducted the amount (of) money used by Datuk Seri Najib based on transactions in the statement of Ambank account 694. It was deducted until the money that was first entered into the account was used up," he told the court.

He referred to the statement of Najib's account and confirmed proceeds of unlawful activities involving 1MDB Global Investment Limited (1MDB GIL) amounting to the total of US$681mil was received from Tanore through nine transactions between March 22 and April 10, 2013.

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Foo was reading out his witness statement during the examination in chief by DPP Kamal Baharin Omar in Najib's trial involving the alleged misappropriation of RM2.3bil of 1MDB funds.

"The clean money (in the account) is funds that actually existed in it, or from other sources not related to 1MDB.

"The principle of the benefit of the doubt has been given to bank account holders with this Fifo method because every transaction that is identified as illicit money is illicit funds.

"Therefore, based on (my investigation), the entire amount of money in the account before the money from Tanore was used, was used up on Aug 2, 2013.

"The money used (from the account) after that date is considered... money obtained from Tanore," the witness added.

He said based on account statement 694, there were several transactions involving the money received from Tanore, namely five different cheques dated between Aug 2 and Aug 14, 2013, totaling RM22,649,000.

"All the cheques were signed by Najib himself,” he added.

Najib, 70, faces four charges of using his position to obtain bribes amounting to RM2.3bil belonging to 1MDB and 21 charges of money laundering involving the same amount.

The trial before Justice Datuk Collin Lawrence Sequerah continues. – Bernama