SRC'S business plan was a sham - Sithambaram

PUTRAJAYA: The Court of Appeal was today told that the SRC International Sdn Bhd's (SRC) business plan was a sham, although billions of money had been channeled to the company by the Retirement Fund Incorporated (KWAP).

Ad-hoc prosecutor Datuk V Sithambaram submitted that SRC only "commenced business" by transferring out money to Switzerland in a fixed deposit when KWAP had disbursed the loan in 2011 and 2012.

He submitted this before a three-member bench led by Court of Appeal Judge Datuk Abdul Karim Abdul Jalil in the hearing of former Prime Minister Datuk Seri Najib Tun Razak’s appeal against his conviction and jail sentence for misappropriation of RM42 million in SRC International funds.

The other two judges on the bench were Datuk Has Zanah Mehat and Datuk Vazeer Alam Mydin Meera.

Sithambaram said SRC had plans to do all kinds of things everywhere, from Indonesia to Mongolia.

“But there is nothing to show for it. All that talk about investment plans is a sham defence... Their defence cannot stand scrutiny," he said sharply which prompted one of Najib's counsel, Harvinderjit Singh to stand up to to object but Sithambaram ticked him off and told the defence lawyer to sit.

He said Najib knew that everything was a sham, as SRC had nothing to show after obtaining the RM4 billion loan.

When asked by Abdul Karim whether it was to camouflage the actual intentions, Sithambaram said “Yes”.

“The evidence is all there. If they had done what they said they wanted to do for Malaysia, I would have been very proud. At the very least there wouldn't have been any more power failures. But from 2014 to 2018 nothing happened,” he added.

The Kuala Lumpur High Court had on July 28 last year sentenced Najib to 12 years’ jail and RM210 million fine after finding him guilty on seven charges of criminal breach of trust, money laundering and abuse of position, involving RM42 million in SRC International funds.

The hearing of the appeal continues.

-- BERNAMA