Former prime minister Datuk Seri Najib Tun Razak returned US$620 million (about RM2.6 billion) out of the US$681 million he had received as a purported “Arab donation” because he was uncomfortable keeping such a large amount in his bank account, the High Court heard today.
Najib’s lead counsel Tan Sri Muhammad Shafee Abdullah said Najib’s position was that the money was returned to Tanore Finance Corporation after the 13th General Election in 2013.
Defence says return of money supports Najib’s claim
During the sixth day of the trial involving 1MDB’s US$5.64 billion civil suit against Najib and six others, Shafee put the argument to offshore asset recovery specialist Angela Barkhouse, a witness from Kroll.
Shafee suggested that Najib returned the US$620 million because he believed the funds were genuinely part of an Arab donation.
Barkhouse, however, said she could not comment on whether the transaction supported Najib’s claim.
Shafee also pointed out that the money was returned to Tanore shortly after the 2013 general election.
Money did not return to Najib, court told
Shafee further highlighted that tracing of the funds showed that after the US$620 million was returned, the money’s eventual destination did not lead back to Najib.
Barkhouse agreed with this point. Tanore Finance Corporation was previously reported to have been controlled by Eric Tan Kim Loong, an associate of fugitive businessman Low Taek Jho, better known as Jho Low.
Separate criminal trial found US$681 million misappropriated
However, the court also heard that in a separate criminal proceeding against Najib, 1MDB trial judge Datuk Collin Lawrence Sequerah had ruled that evidence, including bank records and the money trail, showed the US$681 million had actually been misappropriated from 1MDB.
The latest hearing forms part of a civil suit filed by 1MDB and several of its subsidiaries against Najib and six other defendants.
