The Kuala Lumpur High Court heard on Monday (July 7) that SRC International Sdn Bhd was initially set up to serve the people, but ended up being used to benefit Datuk Seri Najib Tun Razak.
00:00The Kuala Lumpur High Court heard on Monday that SRC International Sendiriyan Berhad was initially set up to serve the people, but ended up being used to benefit Datuk Seri Najib Tun Razak.
00:15Lawyer Datuk Lim Chiwi, who is representing SRC International, said the company became both a vehicle and a victim of large-scale fraud with Najib, the former prime minister, as the main beneficiary.
00:27He said this during the hearing of SRC International's US$1.18 billion civil suit against Najib and former CEO Nick Faisal Arif Kamil, who is currently at large.
00:40Lim said the funds misappropriated through SRC were pensioners' money from the Retirement Fund, Inc.
00:46He said that while SRC International suffered a devastating loss of US$1.18 billion, the first defendant, Najib, personally received US$120 million into his accounts, along with US$42 million.
01:03Lim adds that Najib, as the company's shadow director, signed shareholder resolutions to approve a US$4 billion loan from Retirement Fund, Inc.
01:13Of that, US$3.6 billion was later used for illegitimate purposes, adding that this made Najib the mastermind behind the company's massive losses.
01:24The hearing continues on Tuesday.
01:27In May 2021, SRC filed the suit, claiming that Najib had committed a breach of trust and power abuse, personally benefited from the company's funds, and misappropriated the said funds.
01:39It also seeks a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust, and for Najib to pay back the US$42 million in losses that it suffered.
