Raymond Yeoh said 1MDB’s then executive director Tang Keng Chee informed him and Jacqueline Ho, another senior banker, that the US$700 million was meant for PetroSaudi International Ltd (PSI), although the approval issued by Bank Negara Malaysia (BNM) said otherwise.

“I sought clarification from BNM and spoke to foreign exchange administration department officer Wan Hanisah (Wan Ibrahim) about the remittance instruction.

“She said it was not for BNM to say anything as it was 1MDB’s business decision,” Yeoh told the High Court.

The court had previously heard that 1MDB had entered into a joint venture with PSI in 2009 and was obliged to invest US$1 billion into the project.

The sum was supposed to be deposited into an account held jointly by 1MDB and PSI, but only US$300 million was moved into it.

Yeoh said that following his conversation with Wan Hanisah, Deutsche Bank executed the US$700 million transfer to an account held by Good Star at RBS Coutts.

It was later revealed that Good Star was controlled by Low.

Yeoh also told the court that he knew Ho had testified in the trial previously but said he was unaware of the contents of her testimony.

The hearing continues before Justice Collin Lawrence Sequerah on April 22.

Najib is standing trial on 25 charges of abuse of power and money laundering over funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014.