Najib: My account is for CSR purposes
He testified that although the now-closed AmIslamic current account was registered under his name, it was not utilised for his personal banking or private affairs and the funds in the account were intended for CSR initiatives.
KUALA LUMPUR - Datuk Seri Najib Razak told the High Court here today that one of his AmIslamic bank accounts, which received US$70 million was designated as a corporate social responsibility (CSR) account rather than a personal account.
The 71-year-old former prime minister explained that although the now-closed AmIslamic current account was registered under his name, it was not utilised for his personal banking or private affairs and the funds in the account were intended for CSR initiatives.
"It is under my name but it is a CSR account, it is not my personal account and it doesn't qualify as a place where I conduct my personal transactions," said Najib while testifying as the defendant witness in SRC International Sdn Bhd’s US$1.18 billion civil suit against him and SRC former chief executive officer Nik Faisal Ariff Kamil, who is currently at large.
Najib was referring to the AmIslamic account ending with 694 with the code name "AmPrivate Banking-MR” which is alleged to have received funds misappropriated from SRC International and 1Malaysia Development Berhad (1MDB).
Under cross-examination by SRC counsel Datuk Lim Chee Wee, Najib stated that in January 2012, the opening balance of the 694 account was RM290,953,606.38 and the closing balance was RM505,040,092.48.
Lim: There is roughly RM200 million (US$70 million) credited into 694 account in January 2012, approximately four months after SRC received the RM2 billion loan from Retirement Fund Inc (KWAP) on August 2011. Is this correct Datuk Seri?
Najib: This is just the timeline. It has nothing to do with SRC.
Lim pointed out that Najib had made no reference to the source of the US$70 million credited to his personal account (ending 694) in his witness statement or defence, to which Najib replied, "Yes."
In May 2021, under the new management, SRC filed the lawsuit, accusing Najib of breach of trust, abuse of power and personally benefiting from the company’s funds and misappropriating the said funds.
SRC International previously removed five of its directors from the lawsuit, retaining Najib as the sole defendant. However, the High Court permitted Najib to issue third-party notices against them.
The company is seeking a court declaration holding Najib accountable for the company's losses due to his alleged breach of duties and trust and for him to compensate the RM42 million in losses they have incurred.
The trial before Judge Datuk Ahmad Fairuz Zainol Abidin continues tomorrow. - BERNAMA
