SRC International is a responsible borrower, says KWAP

KWAP CEO Wan Kamaruzaman Wan Ahmad

KUALA LUMPUR: SRC International Sdn Bhd is a responsible borrower which is servicing its loan interest to the Retirement Fund Incorporated (KWAP) regularly.

Chief executive officer Datuk Wan Kamaruzaman Wan Ahmad said SRC International had also fulfilled all conditions attached to the loan which had to be re-paid in 10 years.

“Currently, they are paying the interest on their loan which comes into two tranches of RM2bil each, due in 2021 and 2022, respectively,” he said to reporters on the sidelines of the Invest Malaysia 2016 here yesterday.

According to the terms of the loan, he said that the company was required to service interest on the loan in the first five years and interest and principal in the remaining five years.

“The loan is guaranteed by the Government to safeguard the interest of KWAP stakeholders,” he said.

SRC International had earlier emphasised that the entire RM4bil, lent by KWAP on normal commercial terms, was fully accounted for in its balance sheet, in accordance with standard accounting and governance practices. – Bernama