KUALA LUMPUR, March 5 — Counsels acting for SRC International Sdn Bhd in its US$1.18 billion (RM4.9 billion) civil suit against Datuk Seri Najib Razak said today evidence in...
In SRC International’s US$1.18b civil suit against Najib, court told evidence will prove ex-PM manipulated to procure millions from country’s pension fund to enrich himself
The suit, in relation to an alleged breach of trust and breach of statutory duty involving the RM4 billion Retirement Fund Incorporated loan to SRC International when Najib was prime minister, is being heard before the Commercial High Court. Lim said contemporaneous documents and events also demonstrate how Najib abused his role as prime minister and finance minister to push through and expedite the requisite approvals for the loans subsequently granted by KWAP.
He also said evidence will demonstrate that the SRC International directors were playing a subservient role whereby they had effectively surrendered the discretion to decide to Najib. “The court will also hear from the liquidator of SRC’s subsidiaries in BVI as to the lack of legitimacy of the investments that were undertaken on behalf of SRC and the layering that was employed in a complex structure to avoid detection,” he said.Former Singapore-based banker Kevin Michael Swampillai is set to testify as the first witness.
SRC, under its new management, had filed legal action against Najib and its former directors Datuk Suboh Md Yassin, Datuk Mohammed Azhar Osman Khairuddin, Nik Faisal Ariff Kamil, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi and Tan Sri Ismee Ismail in May 2021.Additionally, Najib has brought the former named SRC International directors as third-party respondents.
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