Ex-Mongolian PM’s son received SRC money: Asset recovery specialist

The son of former Mongolian prime minister Sükhbaataryn Batbold received US$40,000 out of US$15 million in funds that allegedly originated from financially troubled SRC International Sdn Bhd, the Kuala Lumpur High Court heard.

Asset recovery specialist Angela Barkhouse testified this in her written witness statement in support of SRC’s US$1.18 billion (RM5.5 billion) lawsuit against former prime minister Najib Abdul Razak.

The Briton, who is currently testifying in the Malaysian court via Zoom from the Cayman Islands, testified in her witness statement that Battushig Batbold received the US$40,000.

The plaintiff’s witness testified that Battushig received the money out of a total of US$15 million that flowed from the bank account of SRC BVI (British Virgin Islands) into Muraset Limited on Dec 27, 2011.

Barkhouse said that from this amount, US$14.9 million was subsequently transferred out to various individuals and entities, which included the US$40,000 to Battushig.

The liquidator of several offshore entities linked to the SRC matter said that US$2 million went to Dash Uranbileg, whom she said is believed to be a political figure in Mongolia.

She testified that US$4.5 million and US$1.4 million went to two reported proxies of Sükhbaataryn, namely Cheong Choo-young and Kim Hak-seon.

Barkhouse added that US$4.54 million and US$2.5 million went to Infinite Properties Limited and Bophut Investments Limited, both being BVI firms owned by proxies of Sükhbaataryn.

Hearing of the civil action before judge Ahmad Fairuz Zainol Abidin continues tomorrow.

SRC seeks damages, declaration

In the civil action, SRC claimed former finance minister Najib had committed a fraudulent breach of duties as the company’s then-adviser emeritus.

SRC’s allegations are linked to the alleged misuse of RM4 billion in loans it received from Retirement Fund Incorporated between 2011 and 2012.

Through the lawsuit, SRC is seeking general and exemplary damages, as well as interest, costs, and other relief deemed fit by the civil court.

SRC seeks a declaration that Najib is liable to account for the MOF Inc firm’s losses due to his alleged breach of duty.

The plaintiff also seeks an order that Najib repay the US$1.18 billion in losses as well as repay US$120 million that the former prime minister allegedly received.

Najib is serving a six-year jail sentence and was also fined RM50 million, courtesy of a partial royal pardon that reduced the initial sentence of 12 years jail and RM210 million fine.

SRC was incorporated as a special purpose vehicle on Jan 7, 2011, to invest in conventional and renewable energy, natural resources, and the minerals sector.

Counsel Kwan Will Sen appeared for plaintiff SRC, while lawyer Muhammad Shafee Abdullah and Harvinderjit Singh acted for Najib. - Mkini