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Day 13 of Najib's SRC trial: More on KWAP's RM4bn loan to SRC

 

KUALA LUMPUR (May 6): The High Court is expected to continue to hear the testimony of former KWAP assistant vice-president for Fixed Income Department Amirul Imran Ahmad over the remaining RM2 billion loan out of the total RM4 billion that KWAP gave to SRC International Sdn Bhd as the hearing enters its 13th day today.

Amirul, 39, who is the prosecution's 29th witness, had told the court that SRC had applied for a RM3.95 billion loan that later increased to RM4 billion.

When questioned by Deputy Public Prosecutor Datuk Ishak Mohd Yusoff, the witness said 1Malaysia Development Bhd (1MDB) and its subsidiary SRC had, via a two-page letter dated June 3, 2011, asked for the loan through then-Prime Minister Datuk Seri Najib Razak, who replied two days later that he was agreeable to the proposed loan to SRC.

Note that Najib was also the chairman of 1MDB's board of advisors until it was dissolved in 2016.

SRC and 1MDB did not provide all documents needed to process the application and initially, KWAP had only wanted to extend a RM1 billion loan, Amirul added.

"Normally, any application for a loan requires additional documents but in this case, there were no documents received by KWAP," the 29th witness added.

However, Amirul said KWAP former CEO Datuk Azian Mohd Noh had in July that year deferred KWAP's decision in giving the RM1 billion loan and asked that a new working paper be made to the amount of RM2 billion, which was approved by the pension fund investment panel later that month.

The new loan amount was subsequently deposited into SRC's account and then-Finance Minister II Datuk Seri Ahmad Husni Hanadzlah signed off a government guarantee letter for the loan dated Aug 26, 2011.

The former premier faces seven charges for criminal breach of trust, abuse of power, and money laundering involving RM42 million of SRC funds.

In addition, Najib is also facing 25 charges of money laundering and abuse of power of RM2.28 billion in 1MDB funds. The case had been fixed for trial on Aug 19. — theedgemarkets.com

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