Investment in Mongolia failed to take off despite millions paid, witness tells court

KUALA LUMPUR: SRC International paid US$60mil (RM281mil at current rates) for a joint venture (JV) between its subsidiary SRC BVI and the government of Abu Dhabi relating to a coal mine – but there was no coal produced or revenue generated from mining operations.

The US$60mil came from Retirement Fund Inc (KWAP) loans to SRC and was meant to pay for the JV between SRC BVI and Aabar UAE, offshore asset recovery specialist Angela Barkhouse told the High Court.