NAJIB TRIAL | Najib Abdul Razak's defence team today attempted to disassociate former prime minister from KWAP's decision to grant a RM4 billion loan to SRC International Sdn Bhd.
The trial today began with the defence cross-examining KWAP vice-president (legal and secretarial affairs) Azlida Mazni Arshad, who minuted a crucial KWAP investment panel meeting which granted the first tranche involving RM2 billion.
Azlida agreed with counsel Harvinderjit Singh that the investment panel did not need the approvals of cabinet members to make a decision and was not bound by the cabinet.
The court also heard that KWAP's investment panel are not allowed to lend money unless the panel was satisfied that the fund would make money off the loan.
Azlida agreed when Harvinderjit suggested that panel members were aware of a RM2 million penalty or jail time if they were convicted for dereliction of duty while on the panel.
Azlida also agreed with the defence counsel that the panel did not minute any instructions from the prime minister to approve a RM3.95 billion loan to SRC International Sdn Bhd.
Last week, when examined by the prosecution, Azlida testified that Najib Abdul Razak had urged KWAP's chairperson Wan Abdul Aziz Wan Abdullah to expedite SRC International's proposal for a RM3.95 billion loan from the fund.
The panel was informed of Najib's request later. Eventually, the panel, despite reservations, approved a loan for RM2 billion after securing a government guarantee.
During cross-examination today, Azlida agreed with Harvinder that the panel deliberated on the proposal and deferred its decision, suggesting that it did not rush to a decision.
On Najib's handwritten note which appeared on SRC International's proposal for the RM3.95 billion loan from KWAP, Azlida agreed that it would not amount to an instruction from the then prime minister.
The note, which stated "Agree with KWAP giving the loan to SRC", was written on a letter sent to the then premier by SRC International on June 3, 2011.
Harvinderjit then suggested that the panel had only agreed to the RM2 billion loan - the first tranche - after the government agreed to guarantee SRC International's debt. - Mkini
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