Najib-SRC Trial: Government Guarantees For KWAP-SRC Loan In Line With National Policies

By Aathi Shankar

KUALA LUMPUR: The federal government gave guarantees to SRC International Sdn Bhd to secure the RM4 billion loan from Retirement Fund Incorporated (KWAP) because the establishment of the company conformed with the national policies.

Assistant Secretary in the Strategic Investment Division under the Ministry of Finance Afidah Azwa Abdul Aziz testified at the Kuala Lumpur High Court that the objectives of SRC International were in line with the 10th Malaysia Plan (MP10) and the National Energy Policy (NEP).

SRC International was established in 2011 to explore international strategic investments in the energy sector, thus she concurred that government provided guarantees for the KWAP loan because the company met the criteria.

KWAP’s RM4 billion loan was given to SRC International in two tranches in August 2011 and March 2012.

Afidah was testifying during cross-examination at the former Prime Minister Datuk Seri Najib Razak’s trial before Judge Mohd Nazlan Mohd Ghazali today, Wednesday, June 19, 2019.

The prosecution’s 41st witness said that the process to approve the Cabinet papers prepared by her on the loan guarantees went through proper channel and strictly followed all government procedures.

The Cabinet papers were vetted by first Afidah’s immediate superior, the division head, then Maliami Hamad, second by the Treasury Deputy Secretary General then Tan Sri Mohd Irwan Serigar Abdullah, and finally, the Treasury Secretary General Tan Sri Wan Abdul Aziz Wan Abdullah.

All those who vetted the Cabinet papers could have rejected the papers if they had found something was amiss, not right or inappropriate over the loan guarantees.

However, in this case, there was none, and the Cabinet duly decided to become the guarantor for KWAP’s loan to SRC International.

It shows there was no hanky-panky or abuse of power in the Cabinet’s decision-making process to give guarantees to SRC International.

Najib, who currently faces seven corruption charges pertaining to SRC International funds.

The charges were three each for CBT under Section 409 of the Penal Code and money laundering under Section 4 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (AMLA) Act 2001, and one for abuse of power under Section 23 of the Malaysian Anti-Corruption Act (MACC) 2009.

Hearing continues tomorrow.

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