Former prime minister Datuk Seri Najib Razak wielded absolute power in decision-making when it came to SRC International Sdn Bhd, including the utilisation and disbursement of a RM4bil loan from the Retirement Fund Inc (KWAP), the High Court heard on Tuesday (March 26).
Read more at https://shorturl.at/citI4
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Read more at https://shorturl.at/citI4
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00 Key witness Datuk Shahrol Azral Ibrahim Halmy told the Kuala Lumpur High Court on Tuesday
00:07 that former Prime Minister Datuk Seri Najib Razak wielded absolute power in SRC International.
00:14 Shahrol said when he was the director of SRC International, he was obliged to implement
00:20 Najib's decisions and instructions regarding the company.
00:23 He said Najib, who was the company's emeritus advisor from May 2012 to March 2019, had the
00:30 power pertaining to the direction, business administration and operations of the company.
00:36 And this included how a RM4 billion fund from the KWAP loan would be utilized and dispersed.
00:42 Shahrol denied that he had any power regarding the application for the loan from KWAP.
00:49 He said KWAP was a statutory body required to report directly to the finance minister,
00:54 who was Najib at that time.
00:56 He said Najib approved or caused the application for the loan to be approved either by himself
01:02 or via his instructions to KWAP's investment panel.
01:07 In May 2021, SRC International filed the suit against Najib over alleged breach of trust
01:13 and abuse of power.
01:14 The company demands that Najib pay back US$1.18 billion in losses that it had suffered.
01:22 Najib is serving his six-year jail sentence after being convicted in July 2020 of misappropriating
01:28 42 million ringgit from SRC International.
01:31 For more information, visit www.src.gov.au/finance.