Najib said he also used the current account, ending with the number 694, now closed, for his personal affairs.
“It is my CSR account, I think. It was under my name,” he said under cross-examination by SRC International Sdn Bhd’s lawyer, Lim Chee Wee.
The 694 account he was referring to, given the code name “AmPrivate Banking-MR”, was one of five accounts he opened with AmBank in 2011.
It is alleged that Najib had received funds misappropriated from SRC and 1MDB deposited into the account.
Najib was responding to questions about a RM4 billion loan from Retirement Fund Inc (KWAP) given to SRC, a company that came under the purview of the Minister of Finance, Incorporated, in two tranches in 2011 and 2012.
He was the finance minister at the time.
During cross-examination, Lim asked Najib, the first defendant in the suit, to read out the balances in the 694 account.
Najib said that in January 2012, the opening balance stood at RM290 million, while the closing balance was about RM505 million.
On Jan 3, 2012, US$70 million (RM280 million) was deposited into the 694 account.
Lim pointed out that another RM200 million was credited into the account in January 2012, which was only four months after SRC received the first RM2 billion tranche of the KWAP loan.
In reply, Najib said the transactions had nothing to do with SRC.
Lim: In your witness statement or defence, you have not referred to the source of this US$70 million credited into your account (ending with number 694). Did you request for any independent verification as to the source of the US$70 million credited into account 694 on Jan 3, 2012?
Najib: I did not request because I did not manage my accounts.
It transpired during Najib’s SRC corruption trial that the company’s former CEO, Nik Faisal Ariff Kamil, the second defendant in the present suit, was the mandate holder for accounts held by Najib in AmBank.
In May 2021, SRC’s new management filed the present civil lawsuit against Najib and Nik Faisal.
The company said Najib committed breach of trust and abuse of power, personally benefitted from the company’s funds and misappropriated them.
SRC is seeking a court declaration holding Najib responsible for losses suffered by the company because of his breach of duties and trust, and for him to repay the US$120 million in losses the company incurred.
A judgment in default of appearance has been entered against Nik Faisal.
Najib, 70, has been jailed since Aug 23, 2022, after he was convicted of misappropriating RM42 million in SRC funds. He was sentenced to 12 years jail and fined RM210 million.
Following a petition for a royal pardon filed on Sept 2, 2022, the Federal Territories Pardons Board on Jan 29 halved Najib’s jail term to six years, and reduced his fine to RM50 million.
The trial before Justice Ahmad Fairuz Zainol Abidin continues.