SRC ex-director: I wouldn't refuse Najib's instructions

 

SRC International ex-chairperson Ismee Ismail testified that he would not refuse instructions from former prime minister Najib Abdul Razak in relation to the Minister of Finance Incorporated (MOF Inc) company.

During today’s full hearing of SRC’s US$1.18 billion lawsuit against Najib, Ismee told the Kuala Lumpur High Court that back then there was no reason to suspect the then-finance minister.

Ismee (above) was replying during cross-examination by lawyer Chong Yik Loong, who is acting for former SRC director Shahrol Azral Ibrahim Halmi.

Chong: The Finance Ministry consisted of the finance minister (Najib), who was also the prime minister at that time and the person who appointed you as director and chairperson. (Najib) had the final say in the appointment of SRC’s director. Under such circumstances, in reality, has it ever crossed your mind that you can refuse his instructions?

Ismee: I would not refuse (Najib’s instructions). I believed that he was trying to do something best for the country and SRC. That’s the reality.

The civil court previously allowed Najib to bring in Ismee and Shahrol as third parties in the lawsuit, in order to partially or fully reimburse the former premier if SRC wins the civil action.

Ismee was with SRC from 2011 to 2014.

SRC’s present civil action against Najib is linked to the alleged misappropriation of part of RM4 billion in loans (RM3.6 billion or US$1.18 billion in foreign exchange rates between 2011 and 2012) that the company received from Retirement Fund Incorporated (Kwap) between 2011 and 2012.

Kwap is a statutory body under the Finance Ministry while SRC is now wholly owned by MOF Inc.

Najib, who was SRC’s adviser emeritus, is serving a six-year jail sentence and was fined RM50 million in a separate criminal court case involving RM42 million of funds from the company.

Multiple cases

Ismee was not only a prosecution witness in the RM42 million SRC corruption trial against Najib but was also relied on by prosecutors to testify against the ex-premier in the ongoing RM2.27 billion 1MDB power abuse and money laundering trial against Najib.

The trial before judge Ahmad Fairuz Zainol Abidin resumes on Thursday.

Former prime minister Najib Abdul Razak

Under its new management, SRC filed the suit in May 2021, alleging that Najib, as adviser emeritus of the plaintiff, had committed breach of trust and abuse of power, personally benefited from the company’s funds, and misappropriated billions of ringgit.

SRC is also seeking a court declaration that Najib is responsible for its losses due to a purported breach of duties and trust, and for the ex-premier to repay RM42 million.

The plaintiff is also seeking a court order for Najib to be made accountable for the former’s US$1.18 billion loss, as well as repay US$120 million of funds that allegedly flowed into the former premier’s bank account. - Mkini