NAJIB Razak never gave a direct order to former Retirement Fund Inc (KWAP) chairman Wan Abdul Aziz Wan Abdullah for a RM2 billion loan to be disbursed to SRC International, the high court heard today. 

Wan Aziz told the court earlier today that he met Najib in a private meeting in 2011, where the former prime minister asked him to expedite the approval of SRC International’s first loan from KWAP.

Wan Aziz, who was also Treasury secretary-general at the time, said KWAP’s investment panel decided at a meeting on July 5, 2011 that it could not approve a request by SRC International for RM3.95 billion, as it represented an “over-concentration” of risk.

He later met the former prime minister to convey the panel’s decision. Present at the meeting was SRC International CEO Azian Mohd Noor.

When cross-examined by defence counsel Farhan Read today, Wan Aziz agreed that it could be seen that the loan amount was in fact a reduction from the RM3.95 billion initially requested by SRC International. 

Wan Aziz met Najib again, this time privately at the prime minister’s office in Putrajaya at a date the witness could not recall.

Farhan: When he said RM2 billion would suffice, he meant in reference to the RM3.95 billion? 

Wan Aziz: Yes.

Farhan: Basically he (Najib) said forget about the RM3.95 billion, but RM2 billion “memadai”, which meant it would be enough?

Wan Aziz: Yes.

Farhan: Did you interpret that as an instruction? 

Wan Aziz: It was for us to consider giving RM2 billion.

Farhan: I’m sure you had to explain to Datuk Seri Najib that the amount SRC was asking for, RM3.95 billion, was too much to be considered?

Wan Aziz: Yes.

Farhan: In your mind, would it be fair, that you did not see this conversation as an instruction but more as a push-pull, especially when issues of loans are concerned. Because it is an issue of national interest versus the needs of KWAP.

Wan Aziz: Yes.

Farhan: So you would say that this is a concession on Najib’s part?

Wan Aziz: Yes. 

KWAP eventually disbursed a loan of RM2 billion to SRC International on August 29, 2011.

Soon after the private meeting, Wan Aziz said he shared with Azian what Najib had told him.

The KWAP investment panel, chaired by Wan Aziz, was also informed of Najib’s request.

The matter was recorded in the minutes of an extraordinary panel meeting on July 19, 2011, in which members were told by Azian that Wan Aziz had communicated with Najib regarding SRC International’s loan application, and was directed, as KWAP’s representative, to expedite the approval process for a RM2 billion loan.

Najib’s charges are linked to RM4 billion in loans issued to SRC International in 2011 and 2012, for which he is accused of receiving RM42 million in his personal accounts in 2014 and 2015.

He faces three counts of criminal breach of trust, three counts of money-laundering and one count of abuse of power. – July 10, 2019.