Local

SRC case: Company had nothing to show despite securing billions in loans

Najib agreed with the prosecution that SRC International had nothing to show even years after being given RM4 billion in government-guaranteed loans.

TheMole
Written by TheMole

KUALA LUMPUR — Jan. 21, 2020: Former prime minister Datuk Seri Najib Razak, making his defence on a charge of misappropriating RM42 million belonging to SRC International Sdn. Bhd., agreed with the suggestion that he did not inform the Cabinet of the company’s failure to achieve anything from a huge loan guaranteed by the government.

On the contrary, he agreed that SRC International’s “biggest achievement” was to park RM3.6 billion in a Swiss bank for something like 6 plus years.

Najib’s contention today was that the money kept in BSI Limited Bank was meant for natural energy resource investment, describing the parking as mere transit.

But when suggested by prosecutor Datuk V. Sithambaram that the transit period was too long, Najib kept mum.

Sithambaram further suggested the approval of the second government guarantee for another loan from the Retirement Fund Incorporated (KWAP) was extraordinary because it happened due to Najib’s interest in the company but Najib disagreed.

According to Najib, the second loan was approved because he was hoping SRC would do better, although he had insight into what was happening in SRC.

He spoke about having the confidence in the SRC board that comprised highly-qualified individuals.

Najib also disagreed with Sithambaram’s suggestion that he should have recused himself at the Cabinet meeting which approved the government guarantee as his presence as prime minister could have influenced the others.

Sithambaram put it to Najib that after parking the money in Switzerland, nothing was achieved by SRC. Neither did Najib inform the Cabinet that the company had not done anything after being given the first loan of RM2 billion, a point Najib replied affirmatively.

Also agreed by Najib was the fact that there was nothing to show to the country from the RM4 billion obtained by SRC from KWAP when he left office in May 2018.

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

Comments

comments

About the author

TheMole

TheMole