Pua queries transfers between SRC and unrelated companies

The transfers cast an even darker cloud on the entire investigation exercise and deepens further the web of intrigue over the corruption scandals involving 1MDB, SRC International and the Prime Minister

KUALA LUMPUR: The SRC International financial statement for 31 March 2014 disclosed that RM3.81 billion forms its “investment portfolio outside Malaysia” which “consists of open-ended funds, quoted shares, bonds and time deposits”.

“The Finance Minister has separately responded to me in Parliament on 16 March 2015 that the investments were in the ‘coal and natural resources sector’ and that ‘SRC International conducts its investments directly or via joint ventures with international investors’,” said Petaling Jaya Utara MP Tony Pua in a statement.

“How then is the highly suspicious monetary transfers between SRC International and the Putrajaya Perdana group any way related to the above ‘coal and natural resources sector’ investments?”

“Was SRC International illegally advancing funds to the Putrajaya Perdana group as a quid pro quo for the latter to act as the cover to transfer RM32 million of funds into the Prime Minister’s personal account between July and September 2015?”

The failure by either the Najib-appointed Attorney-General Mohd Apandi Ali or by the Prime Minister himself to explain the above matter would cast an even darker cloud on the entire investigation exercise and deepen further the web of intrigue over the corruption scandals involving 1MDB, SRC International and the Prime Minister, warned Pua who is also DAP National Publicity Secretary.

“Najib, as the Finance Minister, must explain why SRC International, a wholly-owned subsidiary of the Ministry of Finance, was shifting funds to and fro with completely unrelated private entities.”

Pua was revisiting the Attorney-General exposing a chart during his press conference on Tuesday. “The chart clearly showed that an additional RM27 million was channeled to Najib’s personal bank accounts from SRC International Sdn Bhd.”

The MP went through the following details from the charts:

The chart showed how SRC International transferred RM35 million on 8 July 2014 to Putra Perdana Construction Sdn Bhd, which then transferred RM34.99 million to its subsidiary, Permai Binaraya Sdn Bhd on the very same day.

Again on the same day, RM27 million was transferred to Najib’s bank account, and immediately redistributed to the Prime Minister’s other personal bank accounts. RM3.2 million was also utilized a month later on 13 August 2014 to pay Najib’s VISA and Mastercard bills. The RM27 million received by Najib was on top of the subsequent RM42 million which was channeled by SRC International via another company, Ihsan Perdana Sdn Bhd.

“While we have called for the Attorney-General to explain how the above does not show a clear-cut prima facie case against the Prime Minister, the chart also revealed a disconcerting amount of criss-crossing transactions between SRC International Sdn Bhd and Putra Perdana Construction Sdn Bhd,” pointed out Pua.

Subsequent to the RM35 million transfer on 8 July 2014, the charts show that RM105 million and RM30 million was transferred on 14 July and 8 August 2014 respectively, from SRC International to Putra Perdana Construction.

Both the latter sums were channeled to Putra Perdana’s other subsidiary, Putra Perdana Development Sdn Bhd. The sums were however “returned” from Putra Perdana Development to Putra Perdana Construction a few months later on 12 December 2014, and transferred back to SRC International on the same date. In the interim period, Putra Perdana Construction also transferred another RM5 million to Najib’s personal bank account “906”, on 10 September 2014.

Putra Perdana Construction is the construction arm of Putrajaya Perdana Bhd, while Putra Perdana Development is the latter’s property development division.