The Malaysian Insight

FINANCIER Low Taek Jho had asked former AmBank relationship manager Joanna Yu whether he could make individual transactions of RM50 million without alerting Bank Negara Malaysia, the High Court in Kuala Lumpur heard today.

During cross-examination, defence counsel Harvinderjit Singh referred to the BlackBerry chat log of a conversation sometime in early 2014 between Yu and Low.

She confirmed the Penang-born businessman had queried whether the central bank needed to be alerted if he made two transfers of RM50 million each, in US dollars, via accounts linked to two firms.

However, Low did not follow through that plan and instead carried out a real-time electronic transfer of funds and securities system (Rentas) transfer, which required fewer documents.

On July 8, 2014, RM35 million was transferred from SRC International to Putra Perdana Construction.

Subsequently, RM105 million and RM30 million were transferred on July 14, 2014, and August 8, 2014, respectively.

Harvinderjit also asked about the RM27 million originating from SRC International, which found its way into Najib’s “880” account, the subject of another three money laundering charges for which Najib is yet to stand trial.

In their chats, Low told Yu not to ask where the money came from.

Harvinderjit suggested that Low had convinced her that it was a donation from royalty, to which Yu agreed.

Yu confirmed the money originated from the RM35 million transferred to Putra Perdana Construction on July 8, after which and RM34.99 million was then transferred to its subsidiary Permai Binaraya’s account.

RM27 million, dubbed “Eagle 27” by Low in chat logs read out in court, was then transferred to Najib’s account, also on the same day, on July 8, 2014.

Yu agreed with Harvinderjit’s suggestion that the entire matter was carried out under Low’s instruction.

Harvinderjit further suggested that she was “duped” by Low, who told her that the money was a donation, when in fact it was from SRC International, to which she agreed.

Najib’s charges are linked to RM4 billion in loans issued to SRC International in 2011 and 2012, for which he is accused of receiving RM42 million in his personal accounts in 2014 and 2015.

The 66-year-old is charged with three counts of criminal breach of trust, three counts of money-laundering and one count of abuse of power.

He is represented by a dozen lawyers led by Muhammad Shafee Abdullah.

Attorney-General Tommy Thomas leads the prosecution, while Kuala Lumpur High Court judge Mohd Nazlan Mohd Ghazali presides.

The trial continues on Monday. – August 1, 2019.