KUALA LUMPUR (Dec 5): Former prime minister Datuk Seri Najib Razak has denied that the RM60 million he received in his AmBank private account in 2011 had originated from 1MDB coffers, and reiterated that it came from donations traced back to two princes linked to the Saudi royal family.
Najib, who was testifying in his defence in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial on Thursday, had refuted 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 Low Taek Jho (Jho Low), and was then funnelled out to the two Saudi princes’ bank accounts before RM60 million was transferred into his (Najib’s) account.
“This allegation is utterly absurd and defies logic,” Najib said.
“These funds were a donation gifted by (Saudi) 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,” he added.
The money had been transferred into his account between Feb 24 and June 14, 2011. Najib said that the two princes would not need to conspire with Jho Low to make a paltry profit when compared to their vast wealth.
“I cannot understand why two princes, HRH Prince Faisal bin Turki Al-Saud and HRH Prince Saud bin Abdulaziz Al Saud, would conspire with Jho Low to use their joint account to purportedly commit a criminal act to facilitate the misappropriation of funds to me, for which these two princes would receive only US$4.5 million,” Najib said.
He said that the prosecution is constructing a “fallacy” to draw inferences against him without credible support.
“Such a suggestion is beyond ridiculous and reflects the prosecution's desperation to construct a narrative that has no basis in reality.
“I cannot fathom the ludicrousness of the prosecution's claim that two Saudi princes, who are by no means short of money, would agree to such a scheme and tarnish their own reputations by participating in a criminal conspiracy with Jho Low.
“The notion that these two princes, prominent members of the Saudi royal family with immense resources, would willingly involve themselves in such a scheme defies all common sense and logic,” Najib said, reading from his 525-page witness statement.
“As I have repeatedly stated, King Abdullah pledged his support for me, and this support materialised in the form of a donation through the joint account of HRH Prince Faisal bin Turki Al-Saud and HRH Prince Saud bin Abdulaziz Al Saud as evidenced by remittances.”
Najib said that the prosecution should have produced bank statements from Riyad Bank to prove that the RM60 million did not come from legitimate sources linked to King Abdullah, if the prosecution’s claim was true.
Najib said the fact that the money came from the princes’ accounts straight into his account made him believe that the donation was genuine.
Najib: It would be bordering on suicide if I stole money and put it in my local account
Najib also said that he never hid the fact that the money in his AmBank account was from Arab donations, and he would not be so “stupid” to inform Bank Negara Malaysia that he was opening a bank account to accept funds from money-laundering activities.
“I have not been [mentioned] in the Panama Papers. I would not be so stupid — if I wanted to steal money, why would I want to open a local bank account and inform Bank Negara? That would be bordering on suicide or absolutely stupid. I informed Bank Negara because I wanted to honour King Abdullah’s contribution,” Najib said.
His lawyer Tan Sri Muhammad Shafee Abdullah then asked him: “If you were a criminal, could this money be brought back in cash or through other channels?”
Najib replied: "Oh yes, it can be done. It would be troublesome, but it can be done."
In this trial, Najib is charged with four counts of abuse of power in enriching himself with RM2.3 billion of 1MDB funds, and 21 counts of money laundering of the same amount. He could face a fine and up to 20 years' imprisonment if convicted.
The trial before presiding judge Datuk Collin Lawrence Sequerah continues on Friday.