SRC business plan a sham, court told

PUTRAJAYA: The Court of Appeal was told yesterday that SRC International Sdn Bhd’s (SRC) business plan was a sham, although billions of ringgit had been channelled 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 a fixed deposit in Switzerland when KWAP had disbursed the loan in 2011 and 2012.

He submitted this before a threemember bench led by Court of Appeal Judge Datuk Abdul Karim Abdul Jalil in the hearing of former prime minister Datuk Seri Najib Abdul Razak’s appeal against his conviction and jail sentence for the 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 various things everywhere, from Indonesia to Mongolia.

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

When asked by Abdul Karim whether it was to camouflage the actual intentions, Sithambaram said: “Yes”. The hearing of the appeal continues. – Bernama