A former BSI banker, Kevin Swampillai, testified in the High Court in Kuala Lumpur today, expressing concerns over suspicious transactions involving US$865 million in SRC International (Malaysia) Limited's SRC BVI account. He suspected these transactions were fraudulent due to the speed and volume of the funds transferred.
Swampillai, the former head of wealth management services at BSI Bank, highlighted that the SRC BVI account received significant funds between November 2011 and April 2012 from SRC International Sdn Bhd. He raised his concerns to his superiors, suggesting that suspicious transaction reports (STR) be filed to investigate the matter further.
The responsibility of filing STR lies with the bank's compliance department and the client acceptance committee (CAC), which monitor politically exposed client accounts. Swampillai expressed his worry about the lack of visibility regarding the destination of the funds and the frequency of transactions carried out by SRC. Despite his concerns, no action was taken by the bank's senior management.
Swampillai's testimony came during cross-examination by counsel Harvinderjit Singh, who represents Najib Razak in SRC's US$1.18 billion lawsuit against the former prime minister. The lawsuit alleges breach of trust, abuse of power, personal benefit from company funds, and misappropriation of funds by Najib.
SRC, under new management, filed the lawsuit in May 2021, seeking damages, interest, costs, and a court declaration holding Najib responsible for the company's losses. They also seek repayment of the RM42 million taken from the company by Najib.
Najib, who was convicted of embezzling RM42 million in SRC funds in July 2020, was initially sentenced to 12 years in prison and a RM210 million fine. His conviction was upheld by the Court of Appeal and the Federal Court. However, the Federal Territories Pardons Board recently reduced his sentence to six years and his fine to RM50 million.
Swampillai's testimony sheds light on the suspicious transactions involving SRC International, further complicating Najib's legal troubles and highlighting the importance of monitoring financial activities to prevent fraud and abuse of power.
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