SRC was the victim of large-scale fraud, court told

KUALA LUMPUR: SRC International Sdn Bhd, a former subsidiary of 1Malaysia Development Bhd (1MDB), was the victim of a large-scale, multi-jurisdictional fraud orchestrated by former prime minister Datuk Seri Najib Razak, the High Court heard.

SRC's lawyer Datuk Lim Chee Wee said that instead of serving the rakyat, the company became a vehicle manipulated by Najib to procure a whopping RM4bil loan from the Retirement Fund Inc (KWAP) to enrich himself by at least US$120mil (RM567.7mil at current exchange rates), causing injury and loss to SRC and the rakyat of at least US$1.18bil (RM5.58bil).