SRC trial verdict on July 28

SRC TRIAL | The trial against former prime minister Najib Abdul Razak for allegedly pocketing RM42 million from SRC International Sdn Bhd will finally conclude on July 28.

Following the close of final submissions, Justice Mohd Nazlan Mohd Ghazali ruled that he will deliver his verdict at 10am on that day.

The trial took place over 94 days with final submissions taking place over a span of four days and ending only at about 1pm today.

The verdict will mark the first conclusion of several trials against Najib in relation to 1MDB - a subject that has resulted in the successful prosecution of bankers across the globe for financial crimes.

SRC International was formerly a 1MDB subsidiary before it was absorbed into Finance Ministry Incorporated in 2012 - an entity that Najib (above) controlled during his time as finance minister.

Najib has been charged with abusing his powers to receive RM42 million in exchange for government guarantees on Retirement Fund Inc's (KWAP) RM4 billion loan to SRC International.

He was also charged with three counts of criminal breach of trust over the monies which was delivered to his personal bank account in three tranches.

Finally, he was charged with three counts of breaching money laundering laws.

For each offence, Najib can be jailed up to 20 years, except for money laundering charges in which he can be jailed for up to 15 years.

Earlier today, the defence submitted that while money was indeed misappropriated from SRC International, the prosecution had failed to prove the act of the crime and intent to commit the crime on the part of the accused.

Instead, the defence argued that other actors - fugitive Jho Low, SRC International's board, and rogue bankers - were to blame.

However, the prosecution had countered that the accused had full control and dominion over SRC International's affairs.

This led to the transfer of KWAP's money into SRC International, before making a trip across several companies and ending up in the accused's bank account where it was ultimately spent.

The prosecution also submitted that none of the parties, which the defence blamed for the misappropriation, took any steps to reclaim the funds. - Mkini