NAJIB TRIAL | A Retirement Fund Incorporated (KWAP) officer had tried to limit the fund's loan to SRC International Sdn Bhd to RM1 billion in 2011, the High Court in Kuala Lumpur heard today.
Former KWAP assistant vice-president (Fixed Income Department) Amirul Imran Ahmat revealed this during cross-examination by defence counsel Harvinderjit Singh.
Amirul was tasked by his superiors to prepare a paper for deliberation by KWAP's investment panel.
Harvinderjit raised with Amirul the meeting held on June 20, 2011, between 1MDB executives and KWAP.
1MDB was SRC International's parent company at the time and was seeking a loan of RM3.95 billion from KWAP.
Also part of the 1MDB delegation at the time were the executive director of finance Terrence Geh, general counsel Jasmine Loo and SRC International CEO Nik Faisal Ariff Kamil (photo, below).
Amirul said that he was given a "general view" of the investments which SRC International would be pursuing
Following this, Amirul said he made the proposal to loan RM1 billion and had set terms that were different from what was sought by SRC International.
Harvinderjit then suggested that the loan could have been approved in a rush, but it was not. The witness agreed.
The witness also agreed that KWAP's investment panel heavily scrutinised the deal, but eventually approved a RM2 billion loan after obtaining a government guarantee.
Last week, it was established RM2 billion was transferred to SRC International's account on Aug 29, 2011.
KWAP then agreed to a second government-guaranteed loan to SRC International amounting to RM2 billion. The funds were transferred on March 3, 2012.
Former prime minister Najib Abdul Razak is currently on trial for allegedly receiving RM42 million in gratification in exchange for government guarantees to obtain the RM4 billion loan from KWAP. - Mkini
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