2 Jul 2015
In a shocking development it has been learnt that investigators have traced billions of ringgit linked to the 1MDB money trail into Prime Minister Najib Razak’s personal bank accounts.
Amongst a series of key transactions it has been identified that a total of RM42 million recently flowed from a controversial company linked to 1MDB, SRC International Sdn Bhd, into the PM’s own private accounts.
These personal accounts were held clearly under the name of “Dato’Sri Mohd Najib Bin Hj Abd Razak” at AmPrivate Banking in Kuala Lumpur.
Even more sensationally, a total of US$681,999,976 (RM2.6 billion) was separately wire transferred from the Singapore branch of the Swiss Falcon private bank owned by the Abu Dhabi fund Aabar into the Prime Minister’s private AmBank account in Kuala Lumpur, on March 2013, just in advance of the calling of the General Election.
Aabar has been connected to numerous financial transactions involving 1MDB.
The transfers from the fund’s wholly owned Falcon Bank into Najib’s AmPrivate Banking account took place just days after the signing of a so-called “strategic partnership” between Malaysia and Abu Dhabi on 12th March 2013.
This resulted in the issuing of a US$3 billion bond guaranteed by the the Malaysian Government as part of a “50 50 joint venture between 1MDB and Aabar” to develop the Tun Razak Exchange project.
However, there have been many queries since about what happened to the money; about the failure to develop the Tun Razak Exchange project and about why Aabar itself never contributed, as promised, to the so-called joint venture?
This stunning body of banking information has recently been received by a number of Malaysia’s top law enforcers, including the Attorney General.
It creates an extraordinary series of connections between 1MDB projects and the Prime Minister’s personal finances and it transforms the 1MDB investigation into a political crisis of the gravest magnitude in Malaysia.
SRC paid RM42 million to Najib Razak’s private accounts
The money taken from SRC International is a particularly shocking revelation, because this was money lent by the public pension fund KWAP and never accounted for.