Witness Unusual Approval Process For Kwap S Rm3 95b Loan To Src



NAJIB TRIAL | The Retirement Fund Inc (KWAP) had taken unusual steps in approving multi-billion ringgit loan applications from former 1MDB subsidiary SRC International Sdn Bhd, the High Court in Kuala Lumpur heard today
Former KWAP officer Amirul Imran Ahmat testified that the retirement fund’s management had considered SRC International's application without any supporting documents from the latter
Amirul is the prosecution's 29th witness in former premier Najib Abdul Razak's trial, involving the alleged misappropriation of funds from SRC International Sdn Bhd.  He walked the court through what transpired, starting with KWAP receiving a loan application for RM3.95 billion from SRC International
The application was received through a letter dated June 3, 2011, which was signed by SRC International director Nik Faisal Ariff Kamil
According to Amirul, the letter also contained a handwritten note by then prime minister and finance minister Najib which stated that he “agreed with KWAP giving the loan to SRC”
The note was accompanied by Najib's signature
Amirul, who was then assistant vice-president at KWAP's fixed income department, said he had then sent a request to Nik Faisal to provide necessary documents to facilitate the application process
Among the documents requested by KWAP were 1MDB's audited accounts since its incorporation, company profiles, and latest available management accounts
According to his testimony, a series of emails then ensued between him, his then superior Ahmad Norhisham Hassan (now deceased), Nik Faisal, and the latter's assistant Noor Azlina over KWAP's request for the documents
The emails also include further requests for more documents on SRC International and its owner 1MDB
The documents, however, were never delivered despite promises made by Noor Azlina and Nik Faisal to deliver them to KWAP
Amirul said he sent another email on June 30, 2011 titled “FW: SRC International Sdn Bhd - Proposed Financing of RM3.95 bilion” to Nik Faisal Ariff Kamil, a copy of which was also sent to his superior Ahmad Norhisham
The email stated: "However, we would appreciate it if you could assist to arrange to provide us with the following information/documents, by the end of today, which was part of the list of requested information earlier"
He said the email also requested comprehensive details of existing investments by 1MDB, including full details of all its projects, including Bandar Malaysia and the Kuala Lumpur International Financial District (KLFID)
However, the next day, Amirul received a reply from Nik Faisal, in which the SRC International director said the company could not disclose the information requested by KWAP
Nik Faisal said the disclosure of such information was subject to approval by the chairperson of 1MDB's board of advisors, and the prime minister, which they been unable to obtain clearance from
Najib was the chairperson of 1MDB's board of advisors at the time. "After receiving the reply, I was ordered by Ahmad Norhisham to prepare a paper to propose to KWAP's Investment Panel to approve RM1 billion loan to SRC
"Based on information at hand, which are 1MDB company's profile and 1MDB financial statement, I prepared Kertas Pelaburan number 8/6/2011 for the loan application by SRC
"Usually, any application for a financial loan would require much more additional documents. However, in this case, there was no document received by KWAP," Amirul told the court
KWAP CEO ordered preparation of loan proposalHowever, the witness said, the KWAP investment panel decided to defer their decision on SRC’s loan application until they received further information from SRC
This decision was taken in a meeting held on July 5, 2011
According to Amirul, KWAP CEO Azian Mohd Noh had then ordered his superior Ahmad Norhisham to prepare a proposal for an RM2 billion loan to SRC International
He testified that another meeting by the panel on July 19, 2011 had approved a loan of RM2 billion to SRC International, with a condition that the loan is guaranteed by the government, or given in the name of the government as the creditor
In August 2011, the fund received another loan application from SRC International, in which the company requested a direct loan, citing that it is a full subsidiary of 1MDB and that the loan would be based on a government guarantee
Amirul testified that the second loan was approved in 2012. The total amount of money loaned to SRC International by KWAP thus amounted to RM4 billion
He is expected to continue his testimony on Monday. - Mkini

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