PUTRAJAYA: 1Malaysia Development Bhd (1MDB) subsidiary SRC International Sdn Bhd was a sham, says ad hoc prosecutor Datuk V. Sithambaram (pic) in his submissions before the Court of Appeal.
The prosecutor submitted before a three-man panel that all of SRC International’s investment plans were only on paper but nothing had come to fruition.
“It is all (only) on paper. But there is nothing to show for it. Nothing, ” he said here Thursday (April 15).
Panel chair Justice Abdul Karim Abdul Jalil had asked Sithambaram about SRC International’s business plans in the hearing of an appeal filed by former prime minister Datuk Seri Najib Razak against his conviction and sentence.
“From what I gather from your submissions, it was like nothing was done. Zero, ” the judge said.
Sithambaram said a company must show that the money it took was used for proper purposes.
“You cannot invest and take RM42mil (from the funds). I’m saying the whole thing is a sham because nothing happens, ” he added.
Justice Abdul Karim: You are saying the whole thing is a sham, that the setting up of SRC International is a sham?
Sithambaram: No, the setting up of the company is not a sham but the investments are.
Justice Abdul Karim: So it is a sham to cover the real intention?
Sithambaram: Yes. If the company (SRC) really did the investments and had millions in profits or 100% profits, you still cannot take RM42mil for your own use.
He added that had SRC International - which was described as a “RM2 company” - been successful in its proposed plans in renewable energy, he would have been proud of that achievement.
“At least there won’t be a power failure next time, ” he said to the laughter of the courtroom.
At one point during his submissions, one of Najib’s lawyers had tried to stand up to object and Sithambaram told the lawyer to sit down.
“I stand here making a submission for the prosecution. I’ve got nothing personal. But he shouldn't shut me up. Your Lordship can shut me up, ” Sithambaram said.
The other judges on the panel are Justices Has Zanah Mehat and Vazeer Alam Mydin Meera.
On July 28 last year, the Kuala Lumpur High Court sentenced Najib to 10 years’ jail on each of the three counts of CBT as well as each of the three counts of money laundering.
Najib, 68, is currently out on bail of RM2mil in two sureties pending appeal.
The appeal hearing continues.