THEY came and they conquered – but the invaders have now become the hunted.
KUALA LUMPUR: Former prime minister Datuk Seri Najib Razak wields absolute power in decision-making when it comes to SRC International Sdn Bhd, including the utilisation and disbursement of a RM4bil loan from the Retirement Fund Inc , the High Court heard on Tuesday .
"Najib has absolute power to make all decisions pertaining to the direction, business, administration, and operations of the plaintiff , including how the RM4bil fund from the KWAP loan will be utilised and disbursed," he said. "As a mere director and just one of the many directors of the board, I do not have the power to make any decision with respect to the said RM4bil loan from KWAP," he added.
Under new management, SRC filed the legal action in May 2021, alleging that Najib had committed breach of trust, abuse of power, misappropriated the company's funds and personally benefited from it. Additionally, Najib has brought the former named SRC International directors as third-party respondents in the suit.The company is seeking damages, interests, costs and a court declaration that Najib is responsible for the company’s losses due to his breach of duties and trust, and is demanding that Najib pay back the US$1.18bil in losses that it has suffered.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Offshore asset recovery specialist testifies in SRC's US$1.1b suit against NajibNone of the funds transferred out of SRC International's bank account were used for the company's intended long-term purposes, according to an offshore asset recovery specialist testifying in the civil suit against former prime minister Najib Razak.
Read more »
AGC yet to decide on Najib's request to drop charges of SRC RM27mil caseJudith Gage had gone online that morning to search for a word puzzle game her son recommended when a pop-up announced her computer had been hacked. She needed to call the Apple Support number provided, it said.
Read more »
Prosecution to call 25 witnesses in Najib’s SRC money laundering trialKuala Lumpur: The High Court has ordered the prosecution in former prime minister Najib Razak’s RM27 million SRC International money laundering case to prepare and serve all witness statements on the defence by May 20.
Read more »
Offshore asset recovery specialist says no evidence of Najib returning US$120m of SRC fundsAn offshore asset recovery specialist testified in court that she has not seen evidence of US$120 million of funds being returned to an associate of Jho Low from former Malaysian Prime Minister Najib's bank account. The specialist was testifying in a civil suit against Najib by SRC International.
Read more »
Former SRC director refutes claims by Najib for 1MBD lossesAn 18-year-old will go to prison after being accused of fatally shooting a girl with her father’s gun in 2022, Pennsylvania officials said and news outlets reported.
Read more »
Former SRC director denies being responsible for company losses, court hearsKUALA LUMPUR: A former board member of SRC International Sdn Bhd has refuted claims made by Datuk Seri Najib Abdul Razak that the losses incurred by t...
Read more »