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SRC case: Total of RM32 million for company went into Najib’s accounts

KUALA LUMPUR — Feb. 26, 2020: A sum of RM32 million from a total of RM170 million meant for a company as an advance ended up in the bank accounts of former prime minister Datuk Seri Najib Razak.

According to the testimony of Datuk Rosman Abdullah, the group managing director of Putrajaya Perdana Berhad, the RM170 million was transferred in three tranches in 2014 into a subsidiary on the instruction of fugitive financier Low Taek Jho, better known as Jho Low.

Rosman was told by Low that the money was an advance for a contract he was negotiating for PPC. He is the major shareholder of the PPB Group through his wholly-owned company Cendana Destini Sdn. Bhd.

The company acquired an interest in PPB from UBG Berhad which was owned by Low for RM240 million. The sale agreement was in 2012 but the acquisition was only completed in April 2015.

At the time the RM170 million went to PPC, Low was still the beneficial owner of PPB Group.

According to Rosman, there was no agreement to advance monies to Najib and he had never consented to this.

On Low, he initially thought the former was a competent and trustworthy businessman.

“We developed what seemed to me at that time to be a cordial professional relationship. I thought of him also as a micro manager.

“Subsequent to my arrest and remand, and now having what seems to be a clear picture of what happened, I would describe him as a highly smooth and effective scammer in so far as the transactions were concerned,” said Rosman.

Najib is facing charges involving RM42 million of SRC International money.

Hearing continues tomorrow before Justice Mohd. Nazlan Mohd. Ghazali.

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