KUALA LUMPUR: A former Singaporean bank officer has told the High Court that he assumed Datuk Seri Najib Razak knew about the flow of funds transacted by 1Malaysia Development Bhd (1MDB) and three companies through fiduciary funds.
Kevin Michael Swampillai, 59, who is the ex-head of wealth management services at BSI Bank, testified that he formed the impression based on the fact that SRC International Sdn Bhd – one of the 1MDB-linked clients of BSI – was a company owned by the Finance Ministry at the time when Najib was finance minister.
"Within a fairly short period of time these fiduciary fund transactions were also undertaken by various related and affiliated companies such as 1MDB, Brazen Sky Ltd and Aabar BVI, which also became clients of BSI," he said. "The primary objective of clients when using fiduciary funds is to facilitate the flow of money to a particular destination of their choosing, whilst also obscuring the identity of the investor," Swampillai said.
"The common denominator prevalent in all these accounts or companies was the presence of Jho Low and the fact that all these companies came under the auspices of the Finance Ministry in Malaysia," Swampillai said.
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