Latest news with #RaymondYeohChenSeong
Malaysiakini
21-04-2025
- Business
- Malaysiakini
Witness: 1MDB chose to split US$1b, not BNM's call
1MDB TRIAL | The former chief executive officer of Deutsche Bank Malaysia Berhad (DBMB) told the Kuala Lumpur High Court today that the decision to split a US$1 billion remittance by 1MDB was a business decision made by the company, not something for Bank Negara Malaysia (BNM) to determine. Raymond Yeoh Chen Seong, 62, said he called Wan Hanisah Wan Ibrahim from BNM's Foreign Exchange Administration Department to seek clarification about the transaction, which involved sending money to a joint venture with Petrosaudi International Ltd (PSI).
The Sun
21-04-2025
- Business
- The Sun
1MDB chose to split US$1 billion, not BNM's call
PUTRAJAYA: Former chief executive officer (CEO) of Deutsche Bank Malaysia Berhad (DBMB) told the High Court here today that the decision to split a US$1 billion remittance by 1Malaysia Development Berhad (1MDB) was a business decision made by the company—not something for Bank Negara Malaysia (BNM) to determine. Raymond Yeoh Chen Seong, 62, said he called Wan Hanisah Wan Ibrahim from BNM's Foreign Exchange Administration Department to seek clarification about the transaction, which involved sending money to a joint venture with PetroSaudi International Ltd (PSI). 'During the call, I explained the updated remittance instructions. Wan Hanisah responded that it was not for BNM to decide and that it was a business decision by 1MDB,' he said, adding that the call was made on a recorded line in DBMB's dealing room, with DBMB Head of Global Markets Corporate Sales, Jacqueline Ho, also on the line. Yeoh, who is testifying as the 22nd defence witness in Datuk Seri Najib Razak's trial involving the alleged misappropriation of RM2.3 billion from 1MDB, said the bank carried out the remittances after receiving verbal confirmation and instructions from 1MDB. 1MDBb is represented by the company's then CEO, Datuk Shahrol Azral Ibrahim Halmi and its former executive director of business development, Casey Tang Keng Chee. He further said that, following the verbal confirmation from BNM and IMDB's instructions, DBMB effected the remittances as instructed. He explained that the US$1 billion was sent in two parts, namely, US$700 million went to an account at RBS Coutts, which was later found to belong to Good Star Limited, a company owned by fugitive businessman Low Taek Jho or Jho Low. The remaining US$300 million was transferred to an account at JP Morgan. On Oct 30 last year, Justice Datuk Collin Lawrence Sequerah ordered Najib to enter his defence after ruling that the prosecution had established a prima facie case against him. Najib, 71, faces 25 charges, including four counts of abusing his position to accept RM2.3 billion in bribes from 1MDB funds and 21 charges of money laundering involving the same amount. The hearing continues tomorrow.
The Star
21-04-2025
- Business
- The Star
1MDB chose to split US$1bil, not BNM's call, says witness
PUTRAJAYA: Former chief executive officer (CEO) of Deutsche Bank Malaysia Berhad (DBMB) told the High Court here on Monday (April 21) that the decision to split a US$1bil remittance by 1Malaysia Development Berhad (1MDB) was a business decision made by the company, not something for Bank Negara Malaysia (BNM) to determine. Raymond Yeoh Chen Seong, 62, said he called Wan Hanisah Wan Ibrahim from BNM's Foreign Exchange Administration Department to seek clarification about the transaction, which involved sending money to a joint venture with PetroSaudi International Ltd (PSI). "During the call, I explained the updated remittance instructions. Wan Hanisah responded that it was not for BNM to decide and that it was a business decision by 1MDB," he said, adding that the call was made on a recorded line in DBMB's dealing room, with DBMB Head of Global Markets Corporate Sales, Jacqueline Ho, also on the line. Yeoh, who was testifying as the 22nd defence witness in Datuk Seri Najib Razak's trial involving the alleged misappropriation of RM2.3bil from 1MDB, said the bank carried out the remittances after receiving verbal confirmation and instructions from 1MDB. 1MDBb was represented by the company's then CEO, Datuk Shahrol Azral Ibrahim Halmi and its former executive director of business development, Casey Tang Keng Chee. He further said that, following the verbal confirmation from BNM and IMDB's instructions, DBMB effected the remittances as instructed. He explained that the US$1bil was sent in two parts, namely, US$700mil went to an account at RBS Coutts, which was later found to belong to Good Star Limited, a company owned by fugitive businessman Low Taek Jho or Jho Low. The remaining US$300mil was transferred to an account at JP Morgan. On Oct 30 last year, Justice Datuk Collin Lawrence Sequerah ordered Najib to enter his defence after ruling that the prosecution had established a prima facie case against him. Najib, 71, faces 25 charges, including four counts of abusing his position to accept RM2.3bil in bribes from 1MDB funds and 21 charges of money laundering involving the same amount. The hearing continues on Tuesday (April 21). – Bernama
Barnama
21-04-2025
- Business
- Barnama
1MDB Chose To Split Us$1 Billion, Not BNM's Call
PUTRAJAYA, April 21 (Bernama) -- Former chief executive officer (CEO) of Deutsche Bank Malaysia Berhad (DBMB) told the High Court here today that the decision to split a US$1 billion remittance by 1Malaysia Development Berhad (1MDB) was a business decision made by the company—not something for Bank Negara Malaysia (BNM) to determine. Raymond Yeoh Chen Seong, 62, said he called Wan Hanisah Wan Ibrahim from BNM's Foreign Exchange Administration Department to seek clarification about the transaction, which involved sending money to a joint venture with PetroSaudi International Ltd (PSI). 'During the call, I explained the updated remittance instructions. Wan Hanisah responded that it was not for BNM to decide and that it was a business decision by 1MDB,' he said, adding that the call was made on a recorded line in DBMB's dealing room, with DBMB Head of Global Markets Corporate Sales, Jacqueline Ho, also on the line. Yeoh, who is testifying as the 22nd defence witness in Datuk Seri Najib Razak's trial involving the alleged misappropriation of RM2.3 billion from 1MDB, said the bank carried out the remittances after receiving verbal confirmation and instructions from 1MDB. 1MDBb is represented by the company's then CEO, Datuk Shahrol Azral Ibrahim Halmi and its former executive director of business development, Casey Tang Keng Chee. He further said that, following the verbal confirmation from BNM and IMDB's instructions, DBMB effected the remittances as instructed. He explained that the US$1 billion was sent in two parts, namely, US$700 million went to an account at RBS Coutts, which was later found to belong to Good Star Limited, a company owned by fugitive businessman Low Taek Jho or Jho Low. The remaining US$300 million was transferred to an account at JP Morgan. On Oct 30 last year, Justice Datuk Collin Lawrence Sequerah ordered Najib to enter his defence after ruling that the prosecution had established a prima facie case against him.
New Straits Times
21-04-2025
- Business
- New Straits Times
Bank Negara has no say in 1MDB's US$1bil fund split, court told
PUTRAJAYA: Bank Negara Malaysia (BNM) had no authority to question 1Malaysia Development Bhd's (1MDB) sudden decision to split a US$1 billion (RM4.37 billion) remittance for a joint venture (JVA) with PetroSaudi International Ltd (PSI), the High Court heard today. Former Deutsche Bank Malaysia Bhd (DBMB) chief executive officer Raymond Yeoh Chen Seong testified that the central bank had effectively distanced itself from the controversial transfer when asked to clarify a last-minute change in recipient accounts. "I personally called BNM's former Foreign Exchange Administration Department officer, Wan Hanisah Wan Ibrahim, to explain the new remittance instructions. "Wan Hanisah said it was not for BNM to comment, and that it was a business decision by 1MDB," he said. Yeoh was testifying as a defence witness in Datuk Seri Najib Razak's corruption trial involving the alleged misappropriation of billions in 1MDB funds. It was heard during the trial that the US$1 billion transaction was intended as a joint venture between 1MDB and the Saudi-based PSI in 2009. The funds were initially meant to be remitted into a BSI Bank account under the JV company. However, on the eve of the transfer, 1MDB Treasury executive Stephenny Chow instructed the bank to split the funds into two tranches - US$700 million to RBS Coutts Bank Ltd and US$300 million to J.P. Morgan SA. The change deviated from both 1MDB's board resolution and BNM's original approval. Yeoh said DBMB conducted compliance checks on the new recipients, which Chow identified as 1MDB PetroSaudi Ltd and PetroSaudi International Ltd. Under the JVA signed on Sept 28, 2009, 1MDB injected US$1 billion for a 40 per cent stake in the company, while PetroSaudi Holdings (Cayman) contributed its so-called assets worth US$2.7 billion for a 60 per cent stake. In a previous hearing, police investigating officer R. Rajagopal testified that the US$700 million remittance was authorised by former 1MDB executive director of business development Tang Keng Chee, who was also known to be an associate of Low Taek Jho. Tang is believed to have disappeared after being found to have committed an offence under Section 23 of the Malaysian Anti-Corruption Commission Act 2009, and Section 28 of the same Act, in 2018. Najib faces four charges of using his position to obtain RM2.3 billion in bribes from 1MDB funds, and 21 charges of money laundering involving the same amount. The trial before presiding judge Datuk Collin Lawrence Sequerah continues.
