Malaysians seek answers on RM2.67 billion in Najib’s accounts

Two accounts belonging to Prime Minister Datuk Seri Najib Razak at AmIslamic Bank were closed before allegations surfaced that RM2.67 billion was deposited there. – The Malaysian Insider file pic, July 11, 2015.

Malaysians now know that Prime Minister Datuk Seri Najib Razak had two bank accounts at AmIslamic Bank, confirmed by the special government task force probing into The Wall Street Journal's allegations that some US$700 million (RM2.67 billion) was channelled into these personal accounts.

We also know the accounts have since been closed, as stated by the task force.

However, to date Najib has not commented directly on the fund transfers to his accounts. He has only issued a denial, saying he has not taken any public funds for personal use.

The questions yet to be answered conclusively are whether the RM2.67 billion was indeed transferred to these accounts, and if so, where the money came from, and what it was used for.  

Here is a recap of events following the WSJ report on July 2: 

* The WSJ reported that US$681 million (RM2.6 billion) originating from Tanore Finance, a company in the British Virgin Islands, was deposited into Najib's accounts in two transactions on March 21 and 25 in 2013, ahead of the May general election.

* Another US$11.1 million was deposited in a local transfer, originating from SRC International Sdn Bhd, a company owned by the Finance Ministry and a former subsidiary of 1Malaysia Development Bhd (1MDB). The funds were transferred in three tranches between December 2013 and February 2014.

* WSJ has also uploaded documents it used in its report which showed instructions for telegraphic transfers and charts following the money trail.

* Najib has denied the WSJ report, saying he has not made use of any public funds. He has instead blamed Tun Dr Mahathir Mohamad for orchestrating the attacks against him.

* Attorney-General Tan Sri Abdul Gani Patail has said a multi-agency task force was investigating the allegations. The high-level task force consists of Gani, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz, Inspector-General of Police Tan Sri Khalid Abu Bakar and Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Abu Kassim Mohamed.

* The prime minister has sent a legal letter to Dow Jones, publisher of WSJ, seeking clarification over‎ its report.

* On July 6, the task force froze six accounts as part of investigations into the WSJ report. It said it had obtained the bank documents related to these accounts.

* Police raided 1MDB's office in capital city Kuala Lumpur on July 8, and seized documents including minutes of meetings, bank statements, reconciliation statements, ledger books, business agreements, and investment dealings. Among the documents were files on 1MDB's corporate social responsibility (CSR) activities, Gani said in a statement.

* On July 9, a statement by the Attorney-General's Chambers said the prime minister's two accounts ‎at AmIslamic Bank were closed before the WSJ report. ‎The accounts were closed on August 30, 2013 and March 9, 2015.

* Whistle-blower site Sarawak Report on Thursday alleged that documents from the investigation into 1MDB also revealed that RM2 million was deposited into the PM's wife, Datin Seri Rosmah Mansor’s account. The money, the blog said, was allegedly transferred to Rosmah's account in Affin Bank Berhad in eight deposits over the span of 2½ months earlier this year.

* Yesterday, the government task force said Rosmah’s account was being investigated. It also said all reports by the media on 1MDB will be investigated.

- TMI