In SRC US$1.18b civil suit against Najib, ex-banker says BSI Bank ‘seduced’ by fees, failed to disclose sham transactions to SingaporeIn SRC US$1.
Swampillai further testified that he had neither knowledge nor visibility as to the purpose of the fund transfers from SRC International Limited BSI's account to the Fiduciary Funds since no information was provided by the company and Malaysian businessman-turned-fugitive Jho Low as to the final destination of the funds.
“If a client refuses to disclose such information, then BSI Bank Singapore should reject such transactions and file STRs with the relevant regulatory and investigation agencies in Singapore,” he said. Faced with the threat of the loss of significant revenue, Swampillai said BSI eventually stopped pressing Low for this information after the latter conveyed displeasure to the financial institution.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 has recently been reduced to six years of jail and RM50 million fine by the Pardons Board.
SRC International, which is now wholly owned by the Ministry of Finance Incorporated is seeking general damages, exemplary, additional and interest, costs and other appropriate relief provided by the court.