SRC’s presentation only looked good on paper during application for KWAP loan, court told

Datuk Seri Najib Razak leaves the Kuala Lumpur Court Complex May 7, 2019. — Picture by Firdaus Latif
Datuk Seri Najib Razak leaves the Kuala Lumpur Court Complex May 7, 2019. — Picture by Firdaus Latif

KUALA LUMPUR, May 7 — SRC International Sdn Bhd’s presentations for its proposed investments only looked good on paper when it applied for the second RM2 billion loan from the Retirement Fund Incorporated (KWAP) in 2012, the High Court was told today at Datuk Seri Najib Razak’s trial.

The prosecution’s 29th witness Amirul Imran Ahmat testified that presentations by SRC International’s managing director Nik Faisal Ariff Kamil and former 1MDB deputy chief financial officer Terrence Geh failed to produce a good impression on the claimed investments in the pipeline by the company.

Amirul Imran previously worked as KWAP’s Fixed Income Department assistant vice-president from January 2011 to August 2013, and was involved in the approval procedures that went on to approve the eventual loans totalling RM4 billion afforded to SRC International.

During cross-examination by Najib’s lawyer Harvinderjit Singh, the former KWAP officer agreed the men seemed to want to rely only on presentations to project a positive outlook on the purported proposed projects of SRC International.

Former KWAP assistant vice-president Amirul Imran Ahmat is pictured at the Kuala Lumpur High Court May 7, 2019. — Picture by Firdaus Latif
Former KWAP assistant vice-president Amirul Imran Ahmat is pictured at the Kuala Lumpur High Court May 7, 2019. — Picture by Firdaus Latif

Harvinderjit: When you had a discussion with Nik Faisal and Terence Geh, there was confidence that the company was going to make a lot of money?

Amirul: No. They are actually trying to not talk directly about investments.

Harvinderjit: Everything looks good on paper?

Amirul: Actually referring back to my previous testimony, they (Geh and Nik Faisal) gave documents but those are only representations and nothing merit.

Harvinderjit: So superficially these documents look impressive?

Amirul: Arguably so.

“There were presentations forwarded to us during our meetings to discuss and justify the RM2 billion loan application,” he said when asked by Harvinderjit on the purpose of the meeting.

Amirul Imran went on to suggest both Nik Faisal and Geh were ‘sidestepping’ the matter when pressed for clarifications on SRC International’s proposed investments.

He then said that the documents shared by SRC International for the loan application was still unable to justify the financing they requested, and the documentation was also incomplete.

He said meetings between him and SRC International on the second loan application took place at least four to five times in 2012.

He had yesterday testified that he had sought copious information from SRC International in relation to the loans, but received only an estimated 25 per cent of what he requested.

Today marks the 14th day of the former prime minister’s trial on seven charges of criminal breach of trust, abuse of position and money-laundering over RM42 million funds belonging to SRC International.

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