No objection from BN ministers on SRC International RM4 billion loan

Bede Hong Timothy Achariam Bede Hong, Timothy Achariam Updated 6 years ago · Published on 18 Jun 2019 2:27PM · 1 Comments

Deputy chief secretary (cabinet) Mazidah Abdul Majid has testified that cabinet meeting minutes did not show that the ministers objected to the RM2 billion loan to SRC International Sdn Bhd. – The Malaysian Insight pic, June 18, 2019.

BARISAN Nasional ministers, including Muhyiddin Yassin and Rais Yatim, did not object when former prime minister Najib Razak sought cabinet approval in mid-2011 for a RM2 billion loan to SRC International Sdn Bhd, the Kuala Lumpur High Court heard today.

Thirty ministers were present at the cabinet meeting on August 17, 2011, during which Najib tabled a memorandum for Retirement Fund Inc (KWAP) to disburse its first loan to SRC International.

The memorandum also sought a tax exemption status for SRC International.

Deputy chief secretary (cabinet) Mazidah Abdul Majid told the court today that according to the minutes, there were no discussion among the ministers.

“If there were discussions, they would have been recorded in the minutes, which would have shown that the cabinet took note of the statements, views or explanations. Such records do not exist in these minutes.”

Among the ministers who attended were Ahmad Zahid Hamidi, Nazri Aziz, Hishammuddin Hussein Onn, Shahrizat Abdul Jalil, Idris Jala and Shafie Apdal.

The memorandum sought a government guarantee for the RM2 billion loan plus interest.

The loan period was set for 10 years and made in line with the Loans Guarantee (Bodies Corporate) Act 1965.

According to the memorandum, the amount disbursed was to be used for investment activities in natural resources.

The memorandum had also sought that the finance minister, who was Najib then, be empowered to determine the terms and condition of the loan. 

No discussions were recorded in another cabinet meeting in February 8, 2012, when Najib tabled another memorandum seeking SRC International’s second loan of RM2 billion from KWAP.

The second loan was disbursed on March 28, 2012.

Najib’s charges in this trial relate to the RM4 billion loan, 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.

Najib is represented by a dozen lawyers led by Muhammad Shafee Abdullah.

Attorney-General Tommy Thomas leads the prosecution, while judge Mohd Nazlan Mohd Ghazali presides over the trial. – June 18, 2019.

Sign up or sign in here to comment.

Comments

  • Lets hope we Malaysian have past the phase where we had a rubber stamp parliament and rubber stamp cabinet members. If their thoughts are telling them that something is not right than by all means raise the concern and deliberate on it. At least you can sleep and die peacefully having done the proper thing an elected representative at both parliament and cabinets sitting as your actions have direct impact towards us the one that place you there in the first place.

    Posted 6 years ago by Teruna Kelana · Reply