KUALA LUMPUR (July 4): Ex-SRC International Sdn Bhd director Datuk Suboh Md Yassin (pictured) agreed with the defence’s suggestion that a board briefing in September 2011 by its former managing director (MD) and chief executive officer (CEO) about the transfer of RM1.8 billion abroad was a “farce” as the sum was remitted overseas in the month before.

During cross-examination yesterday, the 42nd prosecution witness agreed with defence counsel Harvinderjit Singh’s contention that the briefing was for show, thus Nik Faisal Ariff Kamil’s claim that the instruction to transfer the sum came from the “higher-ups” — whom the previous witness, former SRC chairman Tan Sri Ismee Ismail, had identified as Datuk Seri Najib Razak — was immaterial as the money had left the country.

The witness, on the stand for the fourth day, also testified that just like Ismee, he did not know the existence of SRC’s secret AmBank account with the numbers ending 736, opened by Datuk Shahrol Azral Ibrahim Halmi, formerly CEO of the company’s parent 1Malaysia Development Bhd. That account’s signatories were Nik Faisal and Shahrol Azral.

The 68-year-old former civil servant further testified that he did not know the RM2 billion loan by Retirement Fund (Incorporated) (KWAP) in late-August 2011 was deposited in the 736 account and that RM1.8 billion was transferred abroad a day later to Switzerland and Hong Kong. This was before the matter was raised and approved by the board on Sept 13, 2011.

Ismee had testified earlier that Nik Faisal told the board that he met Najib on Sept 7, 2011, during which the then prime minister allegedly told him to transfer the amount abroad to obtain higher returns on the loan, and that this was reflected in the board’s minutes dated Sept 13, 2011.

The witness, however, said he could not remember if SRC’s former CEO and MD had showed the minutes of his meeting with Najib to the board.

Suboh was also shown what appeared to be his signature on the transfer form of the RM2 billion second loan from KWAP after SRC obtained the funds in March 2012. He admitted it was his signature, but could not remember the details.

The former SRC director also told the High Court that Nik Faisal was maintained as SRC’s executive director in 2014, despite losing the CEO post as he was tasked with bringing back money from the KWAP loan.

Suboh defended his witness statement as well — which said Najib wielded influence in SRC — as his own words.

He was shown witness statements made by him and Ismee by the defence, who pointed out alleged similarities, saying they could have been put there by the Malaysian Anti-Corruption Commission.

“No, those were my own words. I dictated them and they were read back to me in my next meeting,” said the witness, disagreeing with the lawyer.

The portion in question said: “All the SRC board of directors were appointed by the Prime Minister at that time, Datuk Seri Najib. The SRC board would act on the advice of the PM who is the adviser emeritus to SRC.”

The hearing continues on July 8 with Suboh continuing his testimony before Justice Mohd Nazlan Mohd Ghazali.

Najib is facing trial for seven counts of criminal breach of trust, money laundering and abuse of power  concerning RM42 million of SRC funds.

This article first appeared in The Edge Financial Daily, on July 4, 2019.

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