Putrajaya extended more than RM600 million in loans to help SRC International service the interest on its RM4 billion debts to the Retirement Fund Incorporated (KWAP) after the company was unable to do so on its own, but not all of them received cabinet approval.
This is according to the Finance Ministry's Strategic Investments Division deputy secretary Afidah Azwa Abdul Aziz (photo, above), who is the 41st witness in former prime minister Najib Abdul Razak's SRC International trial.
Earlier, in her witness statement, Afidah said the government extended RM642 million across three loans between 2015 and 2017 to SRC International, of which RM 595 million was utilised.
While Afidah confirmed in her witness statement that the first loan of RM92 million in 2015 received cabinet approval, she was silent on the status of two subsequent loans, namely RM250 million in 2016 and RM300 million in 2017.
However, under cross-examination by defence lawyer Harvinderjit Singh, Afidah said the second loan of RM250 million in 2016 did not go through the cabinet.
Harvinder: Did the 2015, 2016 and 2017 (loans) receive approval from the cabinet?
Afidah: Only the 2015 one received cabinet approval
Harvinder: What about 2016 and 2017? It only received approval from the Treasury secretary-general?
Afidah: May I refer (to the documents)?
Harvinder: The RM250 million standby credit in 2016 received approval from the Treasury secretary-general and finance minister II?
Afidah: Yes.
As for the RM300 million loan in 2017, Afidah said it was not under her jurisdiction as her role had changed by then.
Harvinder: What about 2016?
Afidah: For 2016 (loan), I received the instruction from the division secretary.
Harvinder: The approval was from?
Afidah: Approval from the finance minister.
Najib was the finance minister in 2016, while the finance minister II was Johari Abdul Ghani who succeeded Ahmad Husni Hanazlah in June that year.
According to Afidah's witness statement, the first proposed RM92 million loan in 2015 was outlined through an internal memo, as well as a cabinet memo which was then presented to the Finance Ministry's division secretary.
After receiving approval, it was presented to the Treasury deputy secretary-general and later, to then finance minister II Ahmad Husni which was approved. It was finally presented to the cabinet which gave its nod.
As for the subsequent loan of RM250 million in 2016, it was only done through an internal memo based on the instruction of the Finance Ministry's division secretary, which was then presented to the Treasury deputy secretary-general and later Treasury secretary-general.
After which, it was presented to then Finance Minister II Johari Abdul Ghani and then consented by Najib. - Mkini
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