KUALA LUMPUR, March 7 — Former Singapore-based banker Kevin Michael Swampillai said it was his enduring belief that Malaysian businessman-turned-fugitive Jho Low was acting as former prime minister Datuk Seri Najib Razak’s adviser based on representations made by others about the funnelling of millions of dollars from SRC International (Malaysia) Limited to undisclosed locations.
During re-examination by lawyer Kwan Will Sen who is acting for the plaintiff, Swampillai was asked to provide clarity as to the role Low or Low Taek Jho had played on the purportedly fraudulent transactions executed by SRC International (Malaysia) Limited by the now defunct BSI Bank Singapore totalling US$864.5 million between November 2011 and April 2012.
“My enduring belief based on rep made by other individuals to me was that Jho Low was an adviser to the prime minister,” said Swampillai, who was testifying as the first witness in SRC International Sdn Bhd’s US$1.18 billion (RM5.58 billion) civil suit, said referring to Najib.
Under cross-examination by lawyer Tan Sri Muhammad Shafee Abdullah who was acting for Najib earlier, Swampillai said he was indeed aware that Low made oral representations with no backing of documents he was acting under instructions from Najib.
When asked if it was rather odd that the funds were managed through the purported instructions from Low, Swampillai replied in the affirmative.
While agreeing to an extent that the bank had taken Low’s oral representation for granted, Swampilai said the sham transactions executed were also supplemented by physical copies of the company’s authorised signatories, which in this case was Nik Faisal Ariff Kamil.
To a question by lawyer Abraham Au who is acting for one of the third-party respondents (Datuk Suboh Md Yassin), Swampillai said he was unaware that Nik Faisal was appointed personally by Najib as the company’s managing director and chief executive.
The hearing before Commercial High Court judge Datuk Ahmad Fairuz Zainol Abidin resumes on March 11.
Imprisoned since August 23, 2022, Najib is serving his 12-year jail sentence and RM210 million fine for his conviction over the misappropriation of SRC International’s RM42 million funds, which had recently been reduced to six years of jail and RM50 million fine by the Pardons Board.
SRC, under its new management, had filed legal action against Najib and its former directors Suboh, Datuk Mohammed Azhar Osman Khairuddin, Nik Faisal Ariff Kamil, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi and Tan Sri Ismee Ismail in May 2021.
However, later, it removed six names from the suit and retained Najib as defendant.
Additionally, Najib has brought the former named SRC International directors as third-party respondents.
SRC as a plaintiff in the writ of summons had alleged that Najib had abused his power and obtained personal benefits from SRC International’s funds as well as misappropriated the funds. Najib was SRC’s Emeritus Advisor from May 1, 2012, until March 4, 2019.
SRC International, which is now wholly owned by the Ministry of Finance Incorporated (MoF Inc) is seeking general damages, exemplary, additional and interest, costs and other appropriate relief provided by the court.
SRC International is currently seeking a declaration from the court that Naijib is liable to account for the company’s losses due to his breach of duties and trust.
The company is also seeking an order that Najib pay the US$1.18 billion in losses it suffered, and damages for breach of duties and trust; including an order that Najib compensate the sum of US$120 million as well.
