Latest news with #DatukSeriNajibRazak
The Star
2 days ago
- Business
- The Star
Responsibility for transactions lies with SRC International's board, says lawyer
KUALA LUMPUR: The High Court was told on Tuesday (July 8) that the responsibility for transactions undertaken by SRC International Sdn Bhd lies with its board of directors and management. 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
Sinar Daily
3 days ago
- Business
- Sinar Daily
SRC International meant for rakyat, but Najib benefitted
The company's lawyer said instead of fulfilling its intended public purpose, SRC International became both a vehicle and a victim of large-scale fraud, with the former premier as its primary beneficiary. 07 Jul 2025 05:07pm Datuk Seri Najib Razak - BERNAMA FILE PIX KUALA LUMPUR - The High Court here was told today that although SRC International Sdn Bhd was intended to serve the rakyat, in reality, it was used to benefit Datuk Seri Najib Razak. Lawyer Datuk Lim Chee Wee, representing the company, submitted that instead of fulfilling its intended public purpose, SRC International became both a vehicle and a victim of large-scale fraud, with the former premier as its primary beneficiary. He was submitting during the hearing of SRC International's US$1.18 billion civil suit against Najib and former SRC chief executive officer Nik Faisal Ariff Kamil, who is currently at large. "The very funds misappropriated through SRC were pensioners' money from the Retirement Fund Inc (KWAP). While SRC International suffered a devastating loss of US$1.18 billion, the first defendant (Najib) personally received US$120 million into his own accounts and RM42 million, which is the subject of a separate suit. "He also utilised his role as the shadow director of the company, where he controlled the company's board via shareholder resolutions on important macro-decisions that ought to have been made by the SRC board itself,' said the lawyer. Lim further said that, as the shadow director of the company, Najib signed shareholder resolutions to approve and obtain the RM4 billion of the KWAP loan and to disburse RM3.6 billion from that loan for illegitimate purposes. "This culminated in Najib being the ultimate mastermind behind the catastrophic loss of US$1.18 billion,' he said this before Judge Datuk Ahmad Fairuz Zainol Abidin. The hearing continues tomorrow. In May 2021, SRC, under its new management, filed the suit, claiming that Najib had committed a breach of trust and power abuse, personally benefitted from the company's funds, and misappropriated the said funds. It also seeks a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust and for Najib to pay back the RM42 million in losses that they have suffered. Najib is currently serving a jail term in Kajang Prison for the misappropriation of RM42 million in the SRC International funds case. On Sept 2, 2022, he filed a petition for a royal pardon, which led to the Pardons Board halving his jail term from 12 to six years and reducing the fine from RM210 million to RM50 million on Jan 29, 2024. - BERNAMA More Like This
New Straits Times
20-06-2025
- Business
- New Straits Times
A-GC denies flawed prosecution in Najib's SRC case, cites evidence constraints
KUALA LUMPUR: The Attorney-General's Chambers (A-GC) has refuted claims that the prosecution in the money laundering case involving funds from SRC International Sdn Bhd (SRC) was flawed. In a statement, the A-GC said it has consistently upheld the highest standards and quality in discharging its prosecutorial duties, in line with public expectations. "The A-GC remains committed to upholding the rule of law and will continue to carry out its responsibilities under the Federal Constitution with integrity, fairness and respect for judicial processes," the statement read. The statement followed the High Court's decision to grant a discharge not amounting to an acquittal (DNAA) to former prime minister Datuk Seri Najib Razak over three money laundering charges involving RM27 million linked to SRC. High Court Judge K. Muniandy issued the ruling today after the prosecution failed to furnish the defence with hundreds of documents related to the trial, despite the charges being filed as early as 2019. Addressing the delay in trial proceedings, the A-GC said the case, first registered at the High Court in February 2019, was postponed on five occasions due to various factors, including the Covid-19 pandemic, defence requests and applications by the prosecution itself. The A-GC said that proceedings for the 1Malaysia Development Bhd (1MDB) trial had commenced while the first SRC case was still ongoing at the High Court, Court of Appeal and Federal Court levels. This overlap led to delays in the second SRC trial, as both cases involved the use of key material documents required for the prosecution, it said. Following this, it said, there was no choice but to wait until the documents were made available. "Both cases involved the use of certain material documents that were also intended to be used in the second SRC trial. "As the documents in question are material to the second SRC trial, the prosecution had no choice but to wait until those documents became available, which is after the 1MDB trial proceedings have concluded. "It must be emphasised that the material documents are already available but are currently being used as evidence in the ongoing 1MDB trial," it said. The A-GC also said the prosecution had requested additional time to compile all the material documents to present them as evidence in the second SRC trial.
The Star
20-06-2025
- Business
- The Star
Najib's DNAA: Material documents unavailable because held up in 1MDB trial, says AGC
PETALING JAYA: All aspects will be examined and considered before taking any further action on the temporary discharge of Datuk Seri Najib Razak three counts of money laundering involving RM27mil linked to SRC International Sdn Bhd, says the Attorney General's Chambers (AGC). The AGC said there were some documents which were material for the current SRC International trial, and the prosecution had no choice but to wait until the relevant material documents were obtained after the 1MDB trial proceedings were completed. "It should be emphasised that the material documents are already available but are being used as evidence in the ongoing 1MDB trial," the AGC said in a statement on Friday (June 20). "The prosecution has requested time to gather all relevant material documents to be presented as evidence and testimony in the second SRC trial. This delay is not intentional but is to ensure that the integrity of the documents as evidence in the trial is always maintained. "The department is aware that this case has attracted public attention as it involves the former prime minister of Malaysia and throughout the proceedings before the Court, the department has taken action in accordance with the limits of the independence of the prosecution and the legal process. "The case was registered at the High Court on Feb 7, 2019 and has been set for trial five times in June 2020, July to August 2021, March to April 2022, September 2024 and April and May 2025." It said all trial dates of the case have been postponed for the following reasons: (i) Movement control order due to the Covid-19 pandemic; (ii) Application by the accused's counsel; or (iii) The prosecution's own application. The application for adjournment made by the prosecution is because (i) The trial proceedings of the first SRC case were still ongoing at that time at the High Court, Court of Appeal and Federal Court levels until fully completed on March 31, 2023; (ii) At the same time, the 1MDB trial proceedings had also begun while the first SRC case was still pending. Both cases above involved the use of some of the material documents that would be used in the second SRC trial. "This department emphasises that the allegations by certain parties that this department carries out "defective prosecution" are completely unfounded. This department always maintains the highest level and quality in line with the expectations of the people. "This department remains committed to upholding the rule of law and will continue to carry out its responsibilities under the Federal Constitution with integrity, fairness and respect for the judicial process," it said. Earlier, Judge K Muniandy allowed the defence's application for a DNAA over three money laundering charges involving RM27mil from SRC International Sdn Bhd, citing the prosecution's lack of preparedness to proceed with the trial, which has been postponed numerous times since 2019. The court was informed that the prosecution had yet to obtain the necessary documentary evidence. The delay, the judge noted, had denied the accused the right to a fair and timely resolution of the case. A DNAA means the accused is temporarily discharged from the charges but may still be prosecuted for the same offences in the future if the prosecution so decides.
Sinar Daily
20-06-2025
- Business
- Sinar Daily
Najib relieved after court grants DNAA
With this, he said Najib can now concentrate fully on the 1MDB case. By NOOR AZLIDA ALIMIN 20 Jun 2025 05:14pm Former prime minister Datuk Seri Najib Razak seen at the Kuala Lumpur Court Complex. - Bernama file photo KUALA LUMPUR – Former prime minister Datuk Seri Najib Razak is relieved to be free from yet another legal burden after the High Court granted him a discharge not amounting to an acquittal (DNAA) over three money laundering charges involving RM27 million from SRC International Sdn Bhd. His lawyer, Tan Sri Muhammad Shafee Abdullah, confirmed the development on Friday, stating Najib is relieved to have fewer cases weighing on him, particularly after multiple previous requests for a DNAA. The High Court here today granted a discharge not amounting to an acquittal (DNAA) to former Prime Minister Datuk Seri Najib Razak over three money laundering charges involving RM27 million from SRC International Sdn Bhd. - Bernama file photo With this, he said Najib can now concentrate fully on the 1Malaysia Development Berhad (1MDB) case. The High Court allowed the DNAA application filed on June 11. The decision followed Najib's failed bid to have the charges dropped after the Attorney General's Chambers (AGC) rejected his representation on July 31, 2023. Deputy Public Prosecutor Mohd Ashrof Adrin Kamarul had initially requested the court to set a new date for trial. However, Shafee again pressed for a DNAA, pointing out that the case had been ongoing since 2019 with over six years of delays. When asked about the possibility of an appeal, Shafee clarified that the deputy public prosecutor cannot challenge the decision, as the prosecution retains the option to pursue the case again once they are prepared. 'Of course, we hope they do not, because this case has already prejudiced against Najib. So I hope the Attorney General will use his discretion and authority to close the case,' he said. Najib was charged on Feb 3, 2019, with receiving RM27 million from illegal proceeds through his three AmPrivate Banking accounts at AmIslamic Bank, Jalan Raja Chulan, on July 8, 2014. The charges were brought under Section 4(1)(a) of the Anti-Money Laundering Act, which carries a maximum of five years in prison, a RM5 million fine, or both, upon conviction. Despite this discharge, Najib continues to serve his sentence at Kajang Prison for misappropriating RM42 million from the same SRC International fund. He began serving his sentence on Aug 23, 2022. He was initially sentenced to 12 years in prison and a RM210 million fine, which were upheld by the Court of Appeal and the Federal Court. However, a royal pardon petition filed on Sept 2, 2022, led to the Pardons Board reducing his sentence to six years and the fine to RM50 million.
