Ex-AmBank CEO tried to cover up misdeeds, Zeti tells 1MDB trial

Ex-AmBank CEO tried to cover up misdeeds, Zeti tells 1MDB trial

The former Bank Negara Malaysia governor says AmBank did not perform due diligence on multiple transactions involving 1MDB.

Former BNM governor Zeti Akhtar Aziz said AmBank had been slapped with a RM53.7 million fine during Ashok Ramamurthy’s tenure as its CEO. (Bernama pic)
PETALING JAYA:
Former AmBank CEO Ashok Ramamurthy tried to cover up misdeeds during his time leading the bank, former Bank Negara Malaysia governor Zeti Akhtar Aziz told Najib Razak’s 1MDB trial today.

Zeti, the prosecution’s 46th witness, was asked about contradictions between Ashok’s statement and her account of their meeting to discuss Najib opening an AmBank account, The Star reported.

Ashok previously said he sent several letters to Zeti to inform her about funds entering Najib’s account, allegedly from Saudi Arabia.

However, Zeti denied having received such updates, during re-examination by deputy public prosecutor Ahmad Akram Gharib today.

“(Ashok) wanted to cover up his wrongdoing during his time as the CEO,” she was quoted as saying, after Akram asked why Ashok may have given a contradictory version of events.

Zeti said AmBank did not perform due diligence on multiple transactions that involved 1MDB, and also fabricated transactions involving Good Star Ltd.

Good Star was a company owned by fugitive financier Low Taek Jho, or Jho Low.

Zeti pointed out that AmBank had been slapped with the biggest compound in Malaysian banking history during Ashok’s tenure – a RM53.7 million fine in 2015.

Ashok, reportedly an Australian citizen, joined AmBank in 2007 as chief financial officer before being promoted to CEO five years later. In January 2015, he resigned as the bank’s group managing director.

Najib is standing trial on four charges of abuse of power and 21 charges of money laundering involving RM2.28 billion in 1MDB funds allegedly deposited into his AmBank accounts between February 2011 and December 2014.

The prosecution closed its case today after calling 50 witnesses, after a total of 235 days.

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