SRC International directors were appointed to follow Najib's orders, says witness

The Star

The High Court in Kuala Lumpur on Thursday (June 6) heard that board the of directors at SRC International Sdn Bhd was appointed to execute the wishes of the company's shareholder, Datuk Seri Najib Razak.   Read more at https://tinyurl.com/56fa3s94   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 The High Court in Kuala Lumpur has heard testimony indicating that the Board of Directors at

00:07 SRC International Sdn Brh was appointed to carry out the directives of the company's

00:12 sole shareholder, Datuk Sri Najib Razak.

00:15 Former SRC International Director Tan Sri Ismail Ismail testified on Thursday that typically

00:20 a new company's Board of Directors or BOD would have full freedom to operate, leveraging

00:26 their expertise to guide the company's direction and select government projects.

00:31 However, according to the witness, this was not the case with SRC International's BOD.

00:36 Najib, who was the Prime Minister and the Finance Minister at the time, was also SRC

00:42 International's sole shareholder by way of the Finance Minister, Inc.

00:46 Ismail, a third-party respondent, was under cross-examination by Najib's lawyer, Mohammad

00:52 Farhan Mohammad Shafi, in a US$1.18 billion lawsuit filed by the company against Najib

00:58 and SRC's former CEO, Nik Faisal Arif Kamil.

01:03 Ismail recalled an incident where he became upset with Nik Faisal, currently at large,

01:08 upon discovering that the company had failed to file and submit its accounts for the financial

01:12 year 2013, which ended on March 31, to the company's Commission of Malaysia, or SSM,

01:19 which was due in September 2012.

01:21 In May 2021, SRC International, under its new management, initiated legal action against

01:27 Najib and its former directors.

01:29 However, it later removed six names from the suit and retained Najib as the defendant.

01:34 The company is seeking damages, interest, cause, and a court declaration holding Najib

01:39 accountable for the company's losses, demanding that he repay the US$1.18 billion in losses.

01:47 It is also seeking US$120 million and US$2 million from Najib and Nik Faisal, respectively,

01:54 for fraudulent breach of fiduciary duties and breach of trust.

01:58 The hearing before Justice Ahmad Fairoz Zainal Abidin is scheduled to continue on June 10.

02:03 For more information, visit www.fema.gov.au/crimestoppers.

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