The High Court has heard that a total of $681 million in 1Malaysia Development Bhd (1MDB) funds entered into Datuk Seri Najib Razak’s personal account through eight transactions in 2013. It was revealed that the funds were transferred between March 22, 2013 and April 10 of the same year by Tanore Finance Corp, a company controlled by Eric Tan Kim Loong, who is said to be linked to fugitive businessman Low Taek Jho or Jho Low.
Tanore had previously received a total of $890 million from 1MDB’s subsidiary, 1MDB Global Investment Limited (1GIL), through two fiduciary funds known as the Devonshire Capital Growth Fund and the Enterprise Emerging Markets Fund (EEMF) in March 2013.
During Najib’s trial involving the alleged misappropriation of $2.3 billion of 1MDB funds, Adam Ariff Mohd Roslan, a Bank Negara analyst and the 47th prosecution witness, confirmed that Tanore transferred $681 million into Najib’s account between March 22 and April 10, 2013. He further stated that $465 million was credited to Najib’s account through three transactions on March 22, 2013, while an additional $369,974,962.98 was transferred on March 28 of the same year through two transactions.
On April 8, 2013, Najib received $152,500,000 from Tanore, followed by $304,000,000 and $602,000,000 on April 9 and April 10, respectively.
The prosecution initially argued that on March 14, 2013, Najib signed a letter of support for 1MDB to raise a $3 billion loan through the issuance of bonds from the Bank of New York Mellon Group. On March 19, 2013, $2.721 billion was disbursed into the account of 1GIL with BSI Bank in Lugano, Switzerland.
From the $2.721 billion, $1,060,606,065 was paid into Devonshire and EEMF. Devonshire received $646,464,649 in five installments, while EEMF received $414,141,416 in three installments. Devonshire then transferred $430 million to a company controlled by Eric Tan Kim Loong on March 21, 2013, which subsequently transferred the entire sum to Tanore on the same day.
Moreover, on the same day, Devonshire also transferred $210 million to Tanore. Between March 22 and 25, 2013, EEMF transferred $250 million to Tanore, which then had a total of $890 million in its account. Between March 21 and April 10, 2013, Tanore transferred $681 million to Najib’s account.
Najib, aged 70, is currently facing four charges related to using his position to receive bribes amounting to $2.3 billion belonging to 1MDB, as well as 21 charges of money laundering involving the same amount. The trial before Judge Datuk Collin Lawrence Sequerah continues today.
Credit: The Star : News Feed
