KUALA LUMPUR (Aug 2): A transfer of RM27 million of SRC International Sdn Bhd funds — code-named “Eagle 27” — into former premier  Datuk Seri Najib Razak’s 880 account was misrepresented by fugitive businessman Low Taek Jho (Jho Low) as a donation from royalty, when it had actually originated from SRC International Sdn Bhd’s account.

Former AmBank relationship manager Joanna Yu Ging Ping confirmed yesterday that the RM27 million originated from a RM35 million transfer from the accounts of SRC to Putra Perdana Construction Sdn Bhd (PPC).

The RM35 million transfer followed the cancellation of three bank drafts for the transfer of RM139 million of SRC funds.

Following that, some RM34.99 million was transferred to Permai Binaraya Sdn Bhd’s account from PPC’s, and finally “Eagle 27” was transferred to Najib’s 880 account to ensure that cheques issued from the account were not returned.

“The RM27 million was actually from SRC?” asked defence counsel Harvinderjit Singh.

“Yes,” said Yu.

“And it was all done under the instruction of Jho Low. It looks like it,” suggested the lawyer.

“Yes,” said the witness.

Yu agreed with Harvinderjit’s suggestion that Low had lied to her, by telling her that “Eagle 27” was a donation from royalty.

“Eagle 27” relates to Najib’s other trial involving three charges of money laundering before High Court Judge Mohamed Zaini Mazlan, which the prosecution had previously wanted to be tried together with the seven other charges involving RM42 million of SRC funds, but the plan was scrapped due to a procedural issue.

In total, some RM170 million was transferred from SRC’s account between July and August 2014, comprising the aforementioned RM35 million, RM105 million and another RM30 million.

Several days before the RM105 million transfer, Low had asked Yu about US dollar transfers, enquiring whether Bank Negara Malaysia’s (BNM) approval was required for transfers below RM50 million.

He then asked if he could transfer a total of RM100 million in US dollars via two RM50 million transactions through two separate companies and whereby the central bank’s approval is not needed.

However, Yu said she could not remember if she ever got back to Low regarding his inquiry.

Harvinderjit suggested that this showed the fugitive financier’s intention to take RM100 million from SRC’s account and convert the sum into US dollars before sending the funds out, without reporting to the central bank.

“It looks like it,” said Yu.

However, Low opted a local Rentas transfer instead, requiring only some form of supporting documents, although Yu cannot recall if she ever received the said documents.

During cross-examination, the lawyer kept emphasising Low was the one giving instructions to 1Malaysia Development Bhd finance director Terence Geh and Yayasan Rakyat 1Malaysia chief executive officer Ung Su Ling to move these funds.

The lawyer pointed out a BlackBerry Messenger (BBM) exchange between Ung and Yu, where the former said she could imagine that the “conduct of these accounts are poor”.

“She was referring to how the 880, 898 and 906 accounts were being conducted, so she had an understanding of the conduct of the accounts,” suggested Harvinderjit.

“Based on the [BBM] message, yes,” said Yu.

This article first appeared in The Edge Financial Daily, on Aug 2, 2019.

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