US$60mil flew out of SRC for joint venture that did not generate revenue

KUALA LUMPUR: Some US$60mil flew out of SRC International for the purpose of a joint venture (JV) between its subsidiary SRC BVI and the government of Abu Dhabi relating to a coal mine that ended up not producing coal or generating revenue from mining operations, the High Court heard.

Offshore asset recovery specialist Angela Barkhouse testified that the US$60mil originated from the Retirement Fund Inc (KWAP) loans to SRC, meant to be paid to the JV between SRC BVI and Aabar UAE.