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The running of SRC International Sdn Bhd was a one-man show by Najib Razak, who sidelined the board of directors in the process, the Court of Appeal heard today.
Ad hoc prosecutor V Sithambaram said Najib acted as he pleased and the directors did not know what was happening.
“It was a one-man show. He kept everyone away and was in control of the SRC funds through the company’s (then) chief executive officer and director Nik Faisal Ariff Kamil,” he said at the hearing of the appeal by Najib against his conviction and sentence in the SRC International corruption case.
“In fact, he was the puppet master who had the controlling mind of SRC. This can be seen from the numerous documents of the company,” he said.
PUTRAJAYA: The running of SRC International Sdn Bhd was a one-man show by Najib Razak, who sidelined the board of directors in the process, the Court of Appeal heard today.
Ad hoc prosecutor V Sithambaram said Najib acted as he pleased and the directors did not know what was happening.
“It was a one-man show. He kept everyone away and was in control of the SRC funds through the company’s (then) chief executive officer and director Nik Faisal Ariff Kamil,” he said at the hearing of the appeal by Najib against his conviction and sentence in the SRC International corruption case.
Sithambaram said Najib micromanaged the company to the extent of deciding the appointment of lawyers and auditors and which banks to operate the company’s accounts, functions usually carried out by the directors.
He said Najib was all the more powerful because he was the prime minister, finance minister and adviser emeritus of SRC, which was later placed under the Ministry of Finance Incorporated (MoF).
“He was the agent of SRC in his capacity as ‘shadow director’ because he could hire and fire the de jure directors,” he said.
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Sithambaram said SRC was set up for a purported purpose but it was Najib who ended up having total control and dominion over the company’s property.
SRC, he said, was established by Najib in 2011 to invest in projects associated with conventional and renewable energy resources, natural resources and minerals.
He said Najib, as a representative of the shareholder (MoF Incorporated), was supposed to give directives to the directors on major issues “but only ended up (ensuring) that funds were available for him”.
“In fact, he was the puppet master who had the controlling mind of SRC. This can be seen from the numerous documents of the company,” he said.
Sithambaram, who was given a special licence by the attorney-general to prosecute this case, said the bulk of the RM4 billion loan obtained by SRC from the government’s pension fund (KWAP) was also moved out of the country on the instruction of Najib in 2011 and 2012.
“He took over the role of the directors and breached the law to benefit himself. He creeped into the company,” he said.
He said the directors wanted to draw down the KWAP loan in stages to avoid payment of interest for funds that were yet to be utilised. However, the directors were instead instructed to make a full drawdown on the instructions of Najib
“Any queries raised by the directors would generally be retorted with Nik Faisal telling them it had been agreed to by ‘kerajaan’ (government), which was none other than Najib,” he said.
Sithambaram also told the court that a government representative would be appointed to sit as director in MoF Incorporated companies, but SRC and 1MDB were the exceptions.
“In these two companies the power was with Najib,” he said.
Najib, who is the Pekan MP, was accused of abusing his power as the prime minister by giving government guarantees on SRC International’s RM4 billion loan from Retirement Fund Inc.
He was also charged with three counts of criminal breach of trust and three money laundering charges in relation to RM42 million belonging to SRC, a former unit of 1MDB.
In July last year, High Court judge Mohd Nazlan Mohd Ghazali sentenced him to 12 years’ jail and fined him RM210 million after finding him guilty of the seven charges.
The hearing continues.
Source:
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