KUALA LUMPUR, April 17 — Former Singapore-based banker Kevin Michael Swampillai today said he had a “sinking feeling” that something had went wrong with 1Malaysia...
KUALA LUMPUR, April 17 — Former Singapore-based banker Kevin Michael Swampillai today said he had a “sinking feeling” that something had went wrong with 1Malaysia Development Berhad , which was a client of the BSI bank where he worked, amid news reports that 1MDB funds had ended up being spent on a yacht, private jets and properties.
Swampillai said there was a lot of speculation among BSI bankers over where the huge sums of funds that went out from 1MDB and SRC International Sdn Bhd would eventually end up after being placed in “fiduciary funds” through BSI bank for purported investments, and when the funds would return from those “investments” via the fiduciary funds.
Asked by Najib’s lead defence lawyer Tan Sri Muhammad Shafee Abdullah if he now knows with hindsight that those purported “investments” were never meant to come back, Swampillai replied: “In terms of what’s come to light, what these monies ended up in, yacht, private jets, real estate, these monies were never intended to come back.”
“I cannot attest to what Yak Yew Chee knew and the kind of conversations he had with Jho Low with regards to these transactions, because he had a very close relationship, he was the relationship manager, he liaised very extensively, very intimately with Jho Low, so I can’t speak to his knowledge. Swampillai said he had a “prevailing sense” that something “dodgy” was going on in relation to 1MDB and that there were always suspicions about the 1MDB-linked transactions, but there was no information available to enable a conclusion about those funds.
On Low’s decision to choose BSI to carry out these transactions, Swampillai said: “With the benefit of hindsight, it was probably a masterstroke on his part. I think he correctly deduced by going to a smaller private bank, it would be easier to get accounts opened and undertake those transactions undertaken in those accounts, namely the use of fiduciary funds to make obscured or shielded transactions in the way that they did.
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