KUALA LUMPUR: A witness in the trial of Datuk Seri Najib Abdul Razak told the High Court here today that he was under great pressure while preparing an investment working paper for Retirement Fund Incorporated (KWAP) in regard to a RM4 billion loan for SRC International Sdn Bhd.
KWAP former assistant vice president (Fixed Income Department) Amirul Imran Ahmat, 39, said he was required to complete the working paper in a hurry.
“I was asked by management to expedite the application.
“There were a flurry of meetings in just a short time. If you missed a meeting, go for the next one. But here every meeting was a rush. There was so much pressure to accelerate everything,” he said on the 13th day of the former prime minister’s trial.
Amirul Imran as the 29th witness when asked by deputy public prosecutor Datuk Ishak Mohd Yusoff on why there were errors on the date in the working paper he prepared, replied he had done it in a rush.
Earlier in his witness statement, Amirul Imran who is currently wth SME Bank said there had been a breach of the rules under Paragraph 5 of KWAP’s Policy and Guidelines for the first financing approval of RM2 billion by KWAP to SRC.
He said the loan to SRC exceeded shareholders’ equity limit as SRC only had an equity of RM1 million, yet the approved loan applications amounted to RM4 billion.
“There was also a breach of the rules under Paragraph 2 of KWAP’s Policy and Guidelines whereby the amount of KWAP investment in the form of borrowings must not exceed 10% of the investment allocation in domestic fixed income.
“The second loan of RM2 billion did not require exemption from investment panel members as KWAP’s policy and guidelines do not need exemption if the loan has a government guarantee,” he said.
Najib, 66, is accused on three counts of criminal breach of trust, one charge of power abuse, and three counts of money laundering involving SRC International Sdn Bhd totalling RM42 million.
The trial before Justice Mohd Nazlan Mohd Ghazali continues. — Bernama