During the cross-examination in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial in Nov 2023, the lead defence counsel in cross examining the investigating officer (IO), referred the IO to Tanore's bank statement with Falcon Bank.
The lead defence counsel said it is a matter of fact based on the bank statement of Tanore Finance Corporation, the entity whom Najib claimed controlled by the late Saudi ruler, King Abdullah who was reportedly worth US$18 billion at the time of his death in January 2015, that made the donation, Tanore took an overdraft of US$620 million from Falcon Bank which was then remitted into the personal accounts of Najib.
In the trial that is ongoing presently, Najib told the High Court today that he returned US$620 million from a US$681 million “donation” to Tanore after the 2013 general election as there was no “political need” for the money.
In Sept 2018, Najib via his FB shared 2 documents that are financial transaction statements for the SWIFT money transfer that showed that US$20 million was transferred from the account of Prince Faisal Turkey Al Saud and US$80 million was transferred from the Saudi Finance Ministry to him.
As confirmed by he himself in that statement in his FB, a previous donation of US$80 million was remitted to him from the Saudi Finance Ministry.
Again in the trial that is ongoing presently, in response to the prosecution's contention that money from 1MDB meant for investment purposes ended up in an entity known as Good Star Ltd under the control of fugitive businessman Jho Low and was then funnelled out to 2 Saudi princes’ bank accounts before RM60 million was transferred into his account, Najib said the funds i.e RM60 million were a donation from King Abdullah and were transferred through the Riyad Bank account held in the joint names of His Royal Highness Prince Faisal bin Turki Al-Saud and His Royal Highness Prince Saud bin Abdulaziz Al Saud.
Setting aside the legitimacy of these donations, it clearly showed that donations, if any and if legitimate are made by King Abdullah, it is remitted via either the Saudi Finance Ministry or financial institutions based in Saudi Arabia and not elsewhere especially overseas.
But for the donation of US$681 million, the Kingdom of Saudi Arabia not only has to seek an overdraft from Falcon Bank, a bank that was owned by Abu Dhabi state fund Mubadala Investment Company for them to remit the monies to Najib but also a foreign owned bank and through the bank’s overseas office in Singapore?
Najib told the courts that it would not be out of the ordinary for funds controlled by King Abdullah to be spread out in banks and entities the world over, including the British Virgin Islands.
Yes, agreed there is nothing out of the ordinary.
But what was out of the ordinary was with his and the country’s extensive wealth, why does the King need to obtain an overdraft as pointed by the Lead defence counsel in his cross examination of the IO in Nov 2023?
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