‘SRC’s US$15 mln transferred out via Jho Low-linked firm’
LUMPUR: The High Court was told yesterday that a company linked to fugitive businessman Low Taek Jho, or Jho Low, which received US$15 million from SRC BVI, had transferred out the funds to several prominent individuals.
Reading out her written witness statement, Quantuma International managing director Angela Barkhouse said the company, namely Muraset Limited, received the monies on Dec 27, 2011 and transferred US$40,000 to Battushig Batbold, the son of Mongolia’s former premier Sükhbaataryn Batbold.
Barkhouse, who is an offshore asset recovery specialist, said her research revealed that apart from Battushig, Muraset Limited also transferred US$2 million to Dash Uranbileg who is believed to be Mongolian politician.
“US$4.5 million was transferred to the director of Muraset, namely Cheong Choo Young – a reported proxy of Battushig – while his spouse Kim Hak Seon received US$1.4 million. The business of Muraset is however, unknown,” she said.
She said this when testifying online from the British Virgin Island before judge Datuk Ahmad Fairuz Zainol Abidin during SRC International Sdn Bhd’s US$1.18 billion lawsuit against former prime minister Datuk Seri Najib Tun Razak.
Barkhouse, the second witness in the trial, said Muraset Limited initially received funds from SRC BVI as payment for three million shares in Gobi Coal Energy Limited in Mongolia, where Gobi Coal held rights to two large open-cut mines.
“While this appears to be a transaction made in accordance with investment into the energy and resources sector, the acquisition was conducted in a less than straightforward manner.
“There seems little commercial sense in the transfers to Muraset or Gobi Coal. No basis for this payment has been identified and indicates that this was a mechanism to divert funds belonging to SRC International,” said Barkhouse.
SRC, under its new management, filed the suit in May 2021, claiming that Najib had committed a breach of trust and power abuse, personally benefited from the company’s funds, and misappropriated the said funds.
The company is seeking general, exemplary and additional damages, as well as interest, costs and other appropriate relief provided by the court.
It is also seeking a court declaration that Najib is responsible for the company’s losses due to his breach of duties and trust and that they demand Najib to pay back the RM42 million in losses they suffered.
Najib, 70, has been serving a jail sentence at the Kajang Prison since Aug 23, 2022, after being convicted of misappropriating RM42 million in SRC International funds. He then filed a petition for a royal pardon on Sept 2, 2022, and the Pardons Board on Jan 29 reduced Najib’s jail term from 12 years to six years and the fine was cut to RM50 million from RM210 million.
The trial continues today.