KUALA LUMPUR, April 30 — RM4 billion was deposited into SRC International Sdn Bhd’s AmBank account over two tranches between August 2011 and March 2012, with money sourced from the Retirement Fund (Incorporated) (KWAP), the High Court heard today.
Manager of AmBank’s Remittance Centre’s Rentas Unit Manager, Wedani Senen, 45, when examined by Deputy Public Prosecutor Sulaiman Kho Kheng Fuei, said her department had approved the first batch of RM2 billion deposited over four separate transfers of RM500 million each into SRC International’s current account (2112022009-736) in August 2011.
Wedani was the 24th witness in Datuk Seri Najib Razak’s SRC International money-laundering and criminal breach of trust trial over RM42 million of funds from SRC International, a former 1Malaysia Development Berhad (1MDB) unit.
When questioned today by the prosecution as to why the transactions were done in smaller amounts, she explained that core banking systems have a transfer limit of RM500 million per transaction.
Sulaiman: Can you explain why there are four thermal receipts and not one (for this transaction)?
Wedani: For core banking systems, we have a system that limits every transaction to RM500 million, for transactions approved by senior executives and below.
Sulaiman: At the time of the transfer, was the limit set at RM500 million?
Sulaiman: Meaning, to transfer RM2 billion they need four transactions and four receipts?
KWAP is the country’s largest civil service retirement fund, with checks online revealing funds of around RM140.8 billion under its watch.
Wedani, the supervisor for Real Time Electronic Transfer of Fund and Securities (Rentas) system in AmBank, said another RM2 billion was then deposited as a lump sum in SRC International’s bank account (211202201-650) with funds also from KWAP in March 2012.
It was explained in court that every local bank is afforded access to Rentas’ services and are required to open an account with Bank Negara Malaysia (BNM) to utilise the system.
Wedani told the court that Rentas would be used by local banks, for transactions that exceeded the RM10,000 threshold, with BNM as the regulators.
She then explained to Sulaiman that this 2012 transfer of RM2 billion was done over one single transaction, as they had received the Rentas transaction request close to BNM’s closing time of 6pm.
“We received the funds from KWAP at around 5.40pm, and BNM closes at 6pm, so we had to credit it in one lump sum.
“Only those who are ranked senior managers and above can credit one lump sump (that exceeds RM500 million),” she added.
The trial resumes on Thursday, May 2.