Kevin Michael Swampillai was the head of the Wealth Management Services Department of the Singapore subsidiary of BSI Bank Limited's Singapore Branch. The bank had lost its independence in 1998 when it sold itself to Generali. In 2014 it was sold to BTG Pactual of Brazil and less than two years later sold again to EFG International of Zurich. BSI Bank (Singapore) Limited was a wholly owned subsidiary regulated by The Monetary Authority of Singapore which, during the due diligence period for the EFG International takeover, informed the bank that its licence would be cancelled. EFG International has an office in Singapore.

BSI in Singapore managed investments on behalf of 1MDB but, it is suggested, did not advise on them. That, it is implied, was done by Jho Low and BSI acted on instructions.

Swampillai told the court that "there was a sinking feeling in the bank management that something had gone wrong with 1MDB's investment". He said that it the bank's management began to think that, perhaps, moneys were "ending up on someone else's pockets."

In cross-examination by Najib's lead counsel, Tan Sri Muhammad Shafee Abdullah, Shafee asked if Swampillai agreed with his contention that the investments were never intended to come back. "Yes," he said "the moneys went on yachts, private jets, real estate."

Asked whether it was true that the bank's senior management failed to report their suspicions, Swampillai said "we knew we were being abused but we did not know how we were being abused. "There was always suspicion on my part that something dodgy was going on but I had no information to decide one way or another".

Further reading: https://www.nst.com.my/news/crime-courts/2023/04/900553/1mdb-funds-were…