SRC financial resources: RM4b from KWAP, launching grant RM20m from govt

11 Jun 2019 / 13:58 H.

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

Ismee, 54, said the company received a RM4 billion loan from KWAP and a grant of RM20 million from the Malaysian government as startup capital.

The 39th witness, who was also a former 1Malaysia Development Berhad (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 Abdul Razak’s graft case at the High Court, here today.

The former prime minister is accused of misappropriating RM42 million 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 RM4 billion loan from KWAP, and a launching grant of RM20 million 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 RM42 million.

The hearing before High Court Judge Mohd Nazlan Mohd Ghazali continues. - Bernama

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