Najib Regrets Over SRC International’s Losses, High Court Heard

KUALA LUMPUR, Oct 18 (Bernama) -- Datuk Seri Najib Tun Razak today admitted at the High Court here that he has certain regrets over the losses facing SRC International Sdn Bhd.

Najib, as the first defendant, said this when queried by SRC International’s lawyer Kwan Will Sen at SRC International’s US$1.18 billion civil suit against him and SRC former chief executive officer Nik Faisal Ariff Kamil, who is currently at large.

Kwan: With your criminal conviction (in SRC International) and all matters transpired in SRC International, do you have any regrets, Datuk Seri?

Najib: I have certain regrets, but at the material time, I didn’t have knowledge or information.

To another question about the monies that went into his personal account from SRC International and Retirement Fund Inc (KWAP), Najib maintained his testimony that he has no knowledge about it.

Kwan: I also suggest to you that, for a person with great power, you will also agree that there is greater accountability and responsibility on your part to act in accordance with the law and to not use or benefit personally from the monies of KWAP or SRC International. Do you agree or disagree?

Najib: I maintain that I had no knowledge of the fund flows at all, but I will agree with the statement that, as the Minister of Finance, I was in a position of accountability, that I agree.

In May 2021, under the new management, SRC filed the lawsuit, accusing Najib of breach of trust, abuse of power, personally benefiting from the company’s funds and misappropriating the said funds.

SRC International previously removed five of its directors from the lawsuit, retaining Najib as the sole defendant. However, the High Court permitted Najib to issue third-party notices against them.

The company is seeking a court declaration holding Najib accountable for the company's losses due to his alleged breach of duties and trust and for him to compensate the RM42 million in losses they have incurred. 

The trial before Judge Datuk Ahmad Fairuz Zainol Abidin continues on Oct 21.

-- BERNAMA