Responsibility for transactions lies with SRC International's board, says lawyer
Lawyer Muhammad Farhan Muhammad Shafee, representing Datuk Seri Najib Razak, submitted that his client did not exercise exclusive control over SRC's operations or the handling of loan proceeds obtained from the Retirement Fund Inc (KWAP).
"The board executed all relevant transactions and bore responsibility for oversight. If any misappropriation occurred, it was due to the board's own decisions. Even taking Najib's purported instructions at their highest, he ultimately vested responsibility in the board to properly manage the funds,' he said.
Muhammad Farhan advanced the submission during the hearing of SRC's US$1.18bil civil suit against Datuk Seri Najib Razak and former SRC chief executive officer Nik Faisal Ariff Kamil, who remains at large.
He further contended that Najib neither exercised control over the decisions of SRC's board of directors nor owed fiduciary duties to the company in the capacity of a director.
"Any formal roles or shareholder approval rights he held were part of lawful governance structures and did not make him the 'controlling mind' of SRC in breach of duty.
"In other words, responsibility, duty, trust - and ultimately, liability - rest with the board,' said Muhammad Farhan before Judge Datuk Ahmad Fairuz Zainol Abidin.
The submission will resume on Aug 25.
In May 2021, SRC, through its new management, initiated the suit alleging that Najib had committed breaches of trust and abuse of power, personally benefitted from company funds and misappropriated those funds.
The company is also seeking a declaration that Najib is liable for the company's losses arising from his alleged breaches of duty and trust, and an order compelling him to repay RM42mil in losses purportedly suffered by the company.
Najib is currently serving a jail term in Kajang Prison for the misappropriation of RM42mil in the SRC International funds case.
On Sept 2, 2022, he filed a petition for a royal pardon. This led to his jail term being halved from 12 to six years and the RM210mil fine imposed on him reduced to RM50mil on Jan 29, 2024. - Bernama
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To explore the valuable insights in the High Speed Cables Market report, you can easily download a sample PDF of the report – High-speed cables such as DAC and AOC offer a direct physical layer connection between two ports utilizing twin-axial cables, guaranteeing signal integrity across predetermined lengths without the use of active optical components, in contrast to optical interconnects that rely on optical modules for signal conversion. The electronics, automotive, communication, and networking industries are continuously evolving by innovating their product offerings to support high speed data transfer. Thus, a rising demand for high speed cables to facilitate easy connectivity is propelling the market growth. Automotive manufacturers are installing more electronic and infotainment systems in vehicles to provide high connectivity. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the High Speed Cables are applicable in a vast array of applications that are expected to register strength during the coming years. For Detailed High-Speed Cables Market Insights, Visit: Overview of Report Findings Rising Investments in Enterprise IT Infrastructure: Rising enterprise IT infrastructure investments are directly fueling demand for high-speed interconnects such as AECs (Active Electrical Cables), AOCs (Active Optical Cables), and DACs (Direct Attach Copper). The need for quicker, more dependable, and more efficient data transfer across servers, switches, and storage systems has increased as businesses update their data centers and implement cutting-edge technologies such as edge computing, hybrid cloud, and AI/ML workloads. As businesses grow to 25G, 100G, and 400G Ethernet infrastructures, these high-speed cables are crucial for providing the low-latency and high-throughput connectivity needed by today's enterprise applications. For instance, over 40% of larger enterprises will adopt edge computing as part of their IT infrastructure by 2025, as it enables real-time analytics for smart cities, autonomous vehicles, and industrial IoT. Developments in 5G Network Services: Passive DACs, which are basically premium copper wires without any embedded electronics, are far less expensive than the cables due to these components. Advanced chipsets in AECs and VCSEL lasers in AOCs add a premium that can increase the cost by at least two to five times. DACs are frequently utilized in 5G networks for short-range connections that occur in the same area, such as O-RAN cell sites and edge data centers. These cables support high-speed data transport with low latency and power consumption. For instance, passive QSFP28 DACs are appropriate for in-cabinet direct connections since they can support 100 Gb/s, while SFP28 DACs can support 25 Gb/s. The dense cells and high traffic of 5G networks necessitate backhaul connections capable of handling hundreds of gigabits. This necessitates greater speed Ethernet connections, such as 400G or greater. DACs are essential in order to facilitate these high-speed Ethernet connections across short distances and guarantee effective data transfer between network devices. The lowest power consumption per port is also provided by passive DACs, which use between 91% and 97% less power per port than fiber cabling with independent transceivers. The volume of short-reach server network access connections quickly mounts up. Stay Updated on The Latest High Speed Cables Market Trends: Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia-pacific. Asia Pacific is expected to register the highest CAGR during the forecast period. Market Segmentation Based on type, the market is segmented into DAC, PCLe, SAS, AEC, ACC, AOC, and others. 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