Unfortunately Najib Was A Dishonest Man Src Lawyer Tells Court

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Former prime minister Najib Abdul Razak is a dishonest man and one who had repeatedly pointed fingers at others over SRC International Sdn Bhd’s funds embezzlement, the High Court in Kuala Lumpur heard today.
The company’s lawyer, Lim Chee Wee, submitted this before judge Ahmad Fairuz Zainal Abidin in the US$1.18 billion suit against Najib and the company’s former chief executive officer, Nik Faisal Ariff Kamil, who is still at large.
“Unfortunately, Najib was a dishonest man. Despite his personal belief that SRC monies amounting to RM42 million had been deposited into his personal bank account, he did not disclose this to the cabinet,” said Lim.
He added that SRC cannot be made Najib’s scapegoat for matters involving loan procurement and short-term loan approvals, as those matters fell under Najib’s purview and approving authority.
ADSLim further said that Najib’s general contention, being the then-prime minister, that he was too busy to concern himself with due diligence and details, is untenable.
He added that Najib, whom the plaintiff deemed as the company’s shadow director, had demonstrated a consistent propensity to bypass due diligence, thereby creating the very conditions which enabled the SRC fraud to take root and ultimately come to force.
“What is more likely is that Najib knew there was insufficient due diligence committed, but did not care to order it to be done as this would only make his eventual misappropriation of funds more cumbersome,” Lim argued.
The company, which is wholly-owned by the Minister of Finance Incorporated (MOF Inc), was established in 2011. It was incorporated as a subsidiary of 1MDB to undertake strategic investments in the conventional and renewable energy sector.
SRC’s suit
SRC filed the suit in 2021, seeking the court to declare Najib and Nik Faisal liable to account for fraudulent breaches of duties and trust.
The court had allowed Najib to admit other former board of directors as the third party to the suit, namely Ismee Ismail, Suboh Md Yassin, Azhar Osman Khairuddin, Shahrol Azral Ibrahim Halmi and Rashidi Che Omar.
The suit also concerns an RM4 billion loan from the Retirement Fund Inc (Kwap) that was given to SRC in 2011 and 2012.
SRC was also seeking the defendants to compensate SRC in equity as well as to repay the US$1.18 billion, which was the loss of proposed investment funds and alternatively loss of use of the said sum to be determined and assessed by the court.
They also sought damages for breach of statutory fiduciary and common law duties that the defendants owed to SRC, breach of trust and damages for conspiracy, as well as general, exemplary and aggravated damages, including five percent per annum.
Costs and other relief deemed fit by the court were also sought.
The company had also specifically demanded that Najib compensate US$120 million for knowingly receiving wrongful property from various intermediaries, as well as damages for tort of misfeasance and damages for abuse of power.
The 72-year-old former Pekan MP is serving his jail time following his guilty conviction for criminal breach of trust, money laundering and abuse of power involving RM42 million of SRC funds.
The hearing before Ahmad Fairuz continues tomorrow. - Mkini

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