SRC trial: Company received RM4bil loan from KWAP, RM20mil grant from govt, says ex-board member

  • Nation
  • Tuesday, 11 Jun 2019

KUALA LUMPUR (Bernama): Tan Sri Ismee Ismail, the former board member of SRC International Sdn Bhd, said the company received funds from the Retirement Fund Incorporated (KWAP) and a launching grant from the government.

Ismee, 54, said the company received a RM4bil loan from KWAP and a grant of RM20mil from the Malaysian government as start-up capital.

The 39th witness, who was also a former 1Malaysia Development Bhd (1MDB) non-executive director, disclosed this during the examination-in-chief by deputy public prosecutor Datuk Ishak Mohd Yusoff on the 22nd day of the trial of Datuk Seri Najib Razak's graft case at the High Court here Tuesday (June 11).

The former prime minister is accused of misappropriating RM42mil belonging to SRC International.

Ishak: Can you explain what were SRC's financial resources while still holding a post in the company?

Ismee: SRC financial resources were RM4bil loan from KWAP, and a launching grant of RM20mil from the government.

Ishak: SRC financial resources were used for what purpose?

Ismee: It was used for investment and working capital.

Ishak: Who was Emeritus SRC advisor?

Ismee: Datuk Seri Najib.

Ishak: Emeritus has control over the administrative aspects of the SRC board and company?

Ismee: Yes, it should have the control.

Najib, 66, is charged with three counts of criminal breach of trust, one count of abusing his position and three counts of money laundering involving SRC International Sdn Bhd funds amounting to RM42mil.

Hearing before High Court Judge Mohd Nazlan Mohd Ghazali continues. - Bernama

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