Najib 4 Others To File Defence By Aug 30 In Src International Suit

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The High Court has directed Datuk Seri Najib Razak (pic) and four former SRC International Sdn Bhd directors to file their defence by Aug 30 in response to a suit filed by the company against them. - NSTP/SAIFULLIZAN TAMADI.KUALA LUMPUR: The High Court has directed Datuk Seri Najib Razak and four former SRC International Sdn Bhd directors to file their defence by Aug 30 in response to a suit filed by the company against them.
The suit is in relation to alleged breach of trust and breach of statutory duty involving the RM4 billion Retirement Fund Incorporated (KWAP) loan to SRC International.
Counsel Muhammad Farhan Shafee who represented Najib said the court has ordered for the former prime minister, Datuk Suboh Md Yassin, Datuk Mohammed Azhar Osman Khairuddin, fugitive Nik Faisal Ariff Kamil and Datuk Che Abdullah@Rashidi Che Omar - who are the defendants, to file their defence by Aug 30.
He said that in the meantime, the plaintiff (SRC International) is preparing a substituted service application against Nik Faisal since he is unreachable and out of jurisdiction.
"The judge has given directions to file our defence by Aug 30 and the reply to be filed on Sept 30," he said when contacted today.
The matter has been fixed for case management on Oct 4 before High Court judge Datuk Ahmad Fairuz Zainol Abidin.
SRC International had under its new management, filed the legal action on May 7 and initially named Najib and its former directors Suboh, Mohammed Azhar, Nik Faisal, Datuk Shahrol Azral Ibrahim Halmi, Tan Sri Ismee Ismail and Che Abdullah as defendants.
However, on July 22, it removed Ismee and Shahrol's names from the suit and retained the others as defendants.
The writ of summons has been served to all the defendants except for Nik Faisal as he is no longer in the country.
SRC International, which is a subsidiary of 1Malaysia Development Bhd in the writ of summons, alleged that all the defendants conspired and committed a breach of trust.
It also claimed that Najib had abused his power and obtained personal benefits from SRC International funds as well as misappropriated the funds.
Najib was the adviser emeritus of SRC International from May 1, 2012, to March 4, 2019.
SRC International, which is now wholly-owned by the Ministry of Finance Incorporated (MoF Inc), is seeking a declaration that all the defendants are liable to pay the loss of investment funds as a result of the use of the loan amount.
The company claimed that in January 2019, it was placed under the care of officials from the finance ministry and after scrutinising and reviewing SRC International records, it was found that SRC's previous directors had not taken any reasonable steps to ensure KWAP's loans amounting to RM4 billion to SRC in 2011 and 2012 were used properly to finance the company's general investment activities and general working capital requirements.
It also claimed that its new management found that a large number of withdrawals, transfers and use of KWAP loans were fraudulent or wrong. - NST

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