‘Third parties’, not Najib, misappropriated SRC International funds, says defence

Former prime minister Najib Razak is accused of CBT and money laundering over the transfer of RM42 million in SRC International funds into his bank accounts.

KUALA LUMPUR: The defence in Najib Razak’s SRC International trial told the High Court here today the alleged misappropriation of the company’s money was committed by “third parties” and not the former prime minister.

Lawyer Harvinderjit Singh contended that the alleged transfer of RM42 million to Najib’s bank accounts was done by then SRC International chief executive officer Nik Faisal Ariff Kamil and businessman Low Taek Jho, also known as Jho Low.

He said investigating officer Rosli Husain had also testified that Interpol red notice alerts had been issued against Nik Faisal and Low for allegedly jointly committing criminal breach of trust.

“There is sufficient evidence to establish the probability that Jho Low and Nik Faisal committed CBT,” he said.

Harvinderjit said this was also shown by evidence from former Ambank relationship manager Joanna Yu, who spoke to Low as an unauthorised person on Najib’s accounts, and that Low “manipulated the accounts without the account holder’s knowledge”.

He said the three CBT charges against Najib for misappropriating RM42 million from SRC International as an agent that was entrusted with public funds “would not be proven”.

“In his (Najib’s) defence, he did not instruct or was involved with the RM42 million transaction.

“To sustain the CBT charges, the evidence as a whole must prove (guilt) either through finding of facts or inferences which are only consistent with his guilt,” he said.

Harvinderjit also said the prosecution had failed to establish that the RM42 million came from SRC International, adding that Rosli had told the court a company, Putra Perdana Construction, had deposited about RM140 million in SRC International’s accounts in December 2014.

“The IO admitted that the money did not originate from the money that KWAP (Retirement Fund Incorporated) lent them,” he said.

Najib is accused of abusing his power as prime minister in approving government guarantees for Retirement Fund Incorporated (KWAP) to loan RM4 billion to SRC International.

He is also accused of CBT and money laundering over the transfer of RM42 million SRC International funds into his bank accounts.

The hearing before High Court judge Mohd Nazlan Mohd Ghazali continues.

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