PKR's Pandan MP Rafizi Ramli questions the lack of records on major investments done by a government-owned company, SRC International. – The Malaysian Insider pic, March 25, 2015.Putrajaya-owned SRC International Sdn Bhd has invested some RM3.81 billion of the RM4 billion borrowed from the Retirement Fund Incorporated (KWAP) in "open-ended" funds that cannot be identified nor classified, PKR said today.
In noting the similarities with the investments made by debt-ridden 1Malaysia Development Berhad (1MDB), PKR secretary-general Rafizi Ramli said out of that amount, some RM3.1 billion has been put into funds that cannot be traced by auditors of SRC's finances.
"As per the norm, if a company invests by buying stocks or interests in another company, the investment would be detailed in the finances of that subsidiary. And SRC would also need to show the finances of its subsidiaries in its financial statements," he said in a press conference in Parliament today.
"However, the RM3.81 billion was not included in SRC's financial statement but shown in investments that are unknown and were classified as Level 3 Investments, where auditors have no information of what it is."
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