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Ex-CEO: RM49m that 1MDB borrowed ended up in Najib’s account

Former prime minister, Datuk Seri Najib Razak is pictured at Kuala Lumpur High Court November 9, 2021. – Picture by Hari Anggara

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KUALA LUMPUR, Nov 15 — A total of RM49 million originating from bank loans taken by 1Malaysia Development Berhad (1MDB) wound up in Datuk Seri Najib Razak’s bank account in AmIslamic Bank, a former CEO of 1MDB confirmed in the High Court today.

Former 1MDB CEO Mohd Hazem Abd Rahman confirmed this when the prosecution showed him a chart of the money trail or movement of funds originating from 1MDB.

Lead prosecutor Datuk Seri Gopal Sri Ram asked Hazem about the flow of money after 1MDB borrowed hundreds of millions of US dollars from Deutsche Bank, and how it had kept flowing from one entity to another in multiple transactions until parts of the funds reached an AmIslamic Bank account with the number “2112022011880”.

Sri Ram then asked Hazem if this was his account number, to which the latter replied “no”.

Sri Ram then showed an AmIslamic Bank bank account statement to Hazem, asking him to compare it to the chart of the money flows.

Hazem confirmed that the figures in both the chart and the bank account statement tallied, before then confirming that the bank account statement showed that Najib was the owner of the account which had received the funds.

Sri Ram: You said this is not your account. Look at the top of the page, it is the accused’s account?

Hazem: Yes.

Sri Ram: So based on this exhibit, do you confirm to His Lordship that the transactions that you put to the Energy and buyback options, based on this chart, a total of RM49 million went into the accused’s bank account?

Hazem: Correct, yes.

On the first day of the 1MDB trial in August 2019, Sri Ram had in the prosecution’s opening statement said that the prosecution would show that some money originating from a US$250 million loan and a US$975 million loan taken by 1MDB subsidiary 1MDB Energy Holdings Ltd from Deutsche Bank Singapore had allegedly ended up in Najib’s bank account.

The prosecution had then said it would show that money equivalent to RM4,093,500 (and originating from the US$250 million loan) was transferred to Najib’s account in June 2014, and that money equivalent to RM45,837,485.70 (originating from the US$975 million loan) ended up in Najib’s account during the October 2014 to December 2014 period.

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