KUALA LUMPUR (Aug 4): Former prime minister Datuk Seri Najib Abdul Razak’s defence questioned whether 1Malaysia Development Board’s (1MDB) fraud investigator had looked into the possibility that the US$620 million returned to Tanore Finance Corporation in 2013 was later redirected back to the former prime minister.
The matter arose during a High Court hearing of 1MDB’s US$1.18 billion civil suit against Najib and others over alleged losses of about RM51.4 billion to the Malaysia government linked to the 1MDB scandal.
During cross-examination, Kroll Advisory director Richard Templeman told the High Court he was unaware of any possibility that the US$620 million returned to Tanore Finance Corporation was later redirected back to Najib.
The exchange arose after Najib’s senior counsel Tan Sri Muhammad Shafee Abdullah highlighted that Najib had received US$681 million before returning US$620 million — representing the bulk of the funds — several months later.
When asked whether he knew if the returned US$620 million had somehow been redirected and eventually returned to Najib, Templeman said he had no knowledge of the matter.
Shafee: Do you not think that is a critical issue, given that you are acting as a fraud investigator?
Templeman: I believe I have investigated the relevant matters.
Shafee: But you have not investigated whether the US$620 million somehow went around and came back to Najib?
Templeman: No. I do not believe I have ever claimed that.
The US$620 million was not returned to Najib’s account. Previous 1MDB civil and criminal trials established that while the transfer to Tanore was recorded, the funds’ final destination remains unknown after being moved through a network of complex offshore shell companies linked to fugitive financier and Najib associate Low Taek Jho, also known as Jho Low. Tanore was one of those companies.
In the trial before Judicial Commissioner Mohamad Redzuan Idrus, Templeman who is the first witness, was asked by Shafee whether he had investigated Najib’s claim that the funds received into his account had the approval of Bank Negara Malaysia, but Templeman said the issue fell outside the scope of his investigation.
Shafee: Mr Templeman, you were investigating my client. My client has said that the funds were brought in with the approval of Bank Negara Malaysia, which is the government authority responsible. Did you investigate that?
Templeman: I have not seen that document.
Shafee: Are you aware that there has never been any request by Bank Negara Malaysia or Ambank for the return of all those funds that came into the account?
Templeman: I cannot comment on that.
Shafee: You cannot comment because you did not investigate it, correct?
Templeman: It did not form part of my investigation.
Shafee later suggested that Templeman had not investigated whether Najib was involved in any wrongdoing because he had been given a narrative to follow.
Templeman rejected the suggestion.
Shafee: I am going to put this to you, that you did not investigate whether Najib was involved in any wrongdoing because you were given a narrative that you were expected to follow.
Templeman: That is not correct.
Templeman, in his witness statement submitted to the court Monday (Aug 3), said that he is the liquidator over several companies involved in the misappropriation of funds from 1MDB.
1MDB and four subsidiaries filed the then US$8 billion suit in 2021, where 1MDB along with 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd, and Global Diversified Investment Company Ltd (previously known as 1MDB Global Investment Ltd) were plaintiffs.
They had named Najib and six other former senior 1MDB staff, all of whom are still missing or have fled the country, as defendants.
Those named include 1MDB deputy chief financial officer and executive finance director Terence Geh Choh Heng, executive director of business development Casey Tang Keng Chee, former director of investments and chief investment officer Vincent Beng Huat Koh, former chief financial officer and subsequently chief operating officer Radhi Mohamad, former director of investments Kelvin Tan Kay Jim, and former chief investment officer Nik Faisal Ariff Kamil.
1MDB former general counsel Jasmine Loo Ai Swan was named as a defendant but her name was dropped yesterday as it was revealed that she will be testifying as a witness for 1MDB.
Prior to this, the plaintiffs had a Mareva injunction imposed on Najib by the High Court in 2023 to freeze US$681 million in assets. The decision was upheld by the Court of Appeal and the Federal Court.