The Kuala Lumpur High Court on Thursday (Sept 26) heard that the former premier Datuk Seri Najib Razak's AmIslamic bank account, which received US$70mil, was a corporate social responsibility (CSR) account and not a personal one.
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00:00The Kuala Lumpur High Court heard on Thursday that former Prime Minister Datuk Seri Najib Razak's bank account,
00:06which received US$70 million, was a corporate social responsibility account and not for personal use despite being under his name.
00:15The defunct account, which carried the codename Amprivate Banking MR,
00:20was one of five accounts Najib held with Ambank which received funds from SRC International and 1MDB.
00:27Najib, who was testifying as a defendant in his SRC International civil suit,
00:32said the bank account was a so-called personal CSR account, but it did not qualify as a really personal account.
00:39Najib struggled to answer questions from the SRC International's lawyer about the source of the US$70 million credited to the account.
00:48The lawyer had said Najib had not provided documentary evidence to show the money was not funds from SRC International or Retirement Fund Inc.
00:57When asked if he sought independent verification, Najib replied he did not manage his accounts.
01:04SRC International has filed a suit against Najib and its former CEO Nik Faisal Arif Kamil, who is still at large.
01:13The company is seeking damages, interests, costs, and a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust.
01:23The company is demanding that Najib pay back US$1.18 billion in losses that it has incurred.