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GENERAL

KWAP Funds stolen, but no police report made - lawyer

09/04/2021 03:04 AM

PUTRAJAYA, April 8 -- The Court of Appeal today was told that a major portion of the RM4 billion loan to SRC International Sdn Bhd by Retirement Fund Incorporated (KWAP) could have been stolen but yet no police report was made. 

Datuk Seri Najib Tun Razak’s lawyer, Harvinderjit Singh submitted that the theft could have happened outside the corporate structure of SRC which was once a subsidiary of 1Malaysia Development Berhad (1MDB) and subsequently placed under the Finance Ministry Incorporated.

He said Najib was not an agent nor entrusted with RM42 million, which was said to be part of the RM4 billion, to dishonestly commit criminal breach of trust.

To this, justice Datuk Vazeer Alam Mydin Meera, a member of the three-member bench asked how the SRC board made the decision on the RM4 billion.

Harvinderjit: The SRC board knew how the money came in but did not know how it went out.

Harvinderjit was submitting before Justice Abdul Karim, who presided over the appeal with Justices Datuk Has Zanah Mehat and Vazeer Alam. 

“The RM3.8 billion was left ‘outside the corporate structure of SRC’ and the company directors did not know about it. It was a theft. During the cross-examination, SRC's former chairman Tan Sri Ismee Ismail and former director Datuk Suboh Md Yassin did not know what happened to the money,” said Harvinderjit.

Vazeer Alam:  But no police report lodged?

Harvinderjit: No, the only person who could have made the report was Suboh but he did not know about the missing money. Ismee was also shocked.

“Nobody came to court to reveal the status of the money,” he said. 

KWAP approved the first loan of RM2 billion to SRC International in 2011 and the second loan of RM2 billion the following year (2012).

The Kuala Lumpur High Court had on July 28, last year sentenced Najib to 12 years’ jail and RM210 million fine after finding him guilty on seven charges of criminal breach of trust (CBT), money laundering and abuse of position, involving RM42 million in SRC International funds. 

The hearing of the appeal continues on Monday. 

-- BERNAMA  

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