UALA LUMPUR— The Retirement Fund Incorporated’s (KWAP) investment panel need not obey instructions from the prime minister or Cabinet members when approving loans within its purview, the High Court heard today.
The prosecution’s 35th witness in Datuk Seri Najib Razak’s trial over RM42 million from SRC International Sdn Bhd, KWAP Legal and Secretarial Department vice president Azlida Mazni Arshad, testified that the panel is expected to act and decide independently in such matters.
She said this when Najib’s defence lawyer, Harvinderjit Singh, asked about the procedural steps that are taken before the panel approves a loan.
Harvinderjit: Do you agree the investment panel is not bounded by instructions of the prime minister?
Azlida: Ideally, they are not bound.
Harvinderjit: Do you agree they are not bound to follow recommendations made in an Investment Paper submitted to them?
Azlida: Yes.
Harvinderjit: They (the panel) can choose to reject (the loan application) outright?
Azlida: Yes.
Last week, Azlida testified that KWAP received instructions from Najib in 2011 to hasten the loan approval for the first RM2 billion to be channelled SRC International.
She had verified last week that KWAP chief executive officer Datuk Azian Mohd Nor had told in the investment panel meeting on July 19, 2011, that the prime minister had informed KWAP’s chairman to expedite the approval process of the loan to SRC International.
In today’s proceedings, however, Azlida confirmed there was no written record from the minutes of the investment panel meeting back in 2011 that stated the loan was approved only because they were instructed to do so by Najib who prime minister at the time.
Harvinderjit then posed to Azlida that such an instruction to the panel would have been in the minutes if it were true, which she agreed.
MALAY MAIL
well everybody got to protect their rice bowl inspite knowing it's wrong
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