Kuala Lumpur: Former chief executive officer (CEO) of Deutsche Bank Malaysia Berhad (DBMB) testified in the High Court today, stating that the decision to split a US$1 billion remittance by 1Malaysia Development Berhad (1MDB) was a business decision made by the company itself, rather than a directive from Bank Negara Malaysia (BNM).
According to BERNAMA News Agency, Raymond Yeoh Chen Seong, 62, disclosed that he contacted Wan Hanisah Wan Ibrahim from BNM's Foreign Exchange Administration Department to seek clarity on the transaction, which involved transferring money to a joint venture with PetroSaudi International Ltd (PSI). During the call, Yeoh explained the updated remittance instructions, to which Wan Hanisah responded that it was not BNM's decision but rather a business choice by 1MDB. The call, made on a recorded line in DBMB's dealing room, was also attended by DBMB Head of Global Markets Corporate Sales, Jacqueline Ho.
Yeoh, serving as the 22nd defense witness in Datuk Seri Najib Razak's trial concerning the alleged misappropriation of RM2.3 billion from 1MDB, indicated that the bank proceeded with the remittances after receiving verbal confirmation and instructions from 1MDB. The company was represented by its then CEO, Datuk Shahrol Azral Ibrahim Halmi, and its former executive director of business development, Casey Tang Keng Chee.
He elaborated that, following verbal confirmation from BNM and instructions from 1MDB, DBMB executed the remittances as directed. The US$1 billion was divided into two transfers: US$700 million was sent to an account at RBS Coutts, later discovered to belong to Good Star Limited, a company owned by fugitive businessman Low Taek Jho, also known as Jho Low. The remaining US$300 million was transferred to an account at JP Morgan.
On October 30 of last year, Justice Datuk Collin Lawrence Sequerah ordered Najib to present his defense after determining that the prosecution had established a prima facie case against him. Najib, 71, faces 25 charges, including four counts of abusing his position to accept RM2.3 billion in bribes from 1MDB funds and 21 charges of money laundering involving the same amount. The hearing is set to continue tomorrow.