An offshore assets recovery specialist testified in court that some of the loan obtained by SRC International was not used for its intended purpose. The specialist revealed that the funds were not invested in activities related to the energy and resources sector as required. The testimony was part of the ongoing civil suit trial against SRC International.
An offshore assets recovery specialist told the High Court here today that some of the RM4 billion loan obtained by SRC International Sdn Bhd from the Retirement Fund Incorporated (KWAP) was not invested in activities related to energy and resources sector , as its intended purpose. Quantuma International Managing Director Angela Barkhouse said when Bank Negara Malaysia (BNM) authorised the loan from KWAP to SRC, the bank also set out First Permission that RM1.
8 billion from the first KWAP loan to be used to acquire two companies in Indonesia (PT ABM Investama and Bumi Resources TBk PT) and two companies in Mongolia (Gobi Coal and Energy Limited and Erdens-Tavan Tolgoi). Barkhouse, who testified as the second witness in the SRC International civil suit trial, said the central bank’s Second Permission stated that the second KWAP loan (RM2 billion) should be used for investments in energy and natural resources industries, excluding oil and ga
Offshore Assets Recovery Specialist SRC International Loan Misused Funds Energy Sector Resources Sector Civil Suit Trial
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former BSI Banker Raises Concerns About Suspicious TransactionsA former BSI banker told the High Court today he was concerned that SRC International (Malaysia) Limited's account at the bank had received US$864.5 million in a short amount of time, with suspicions that these transactions were fraudulent. Former BSI Bank Head of Wealth Management Services, Kevin Micheal Swampillai, 64, said the SRC BVI account had received huge incoming funds between November 2011 and April 2012 from SRC International Sdn Bhd, adding that he had raised this concern to his superiors so that suspicious transaction reports (STR) can be filed.
Read more »
In SRC International’s US$1.18b civil suit against Najib, court told evidence will prove ex-PM manipulated to procure millions from country’s pension fund to enrich himselfKUALA LUMPUR, March 5 — Counsels acting for SRC International Sdn Bhd in its US$1.18 billion (RM4.9 billion) civil suit against Datuk Seri Najib Razak said today evidence in...
Read more »
Funeral of Late Tun Abdul Taib Mahmud Held at Kuching International AirportThe casket of the late Tun Abdul Taib Mahmud being carried past a guard of honour at Kuching International Airport. The Royal Malaysian Air Force (RMAF) aircraft carrying his body landed at about 4.25pm from Subang. Taib's wife and children accompanied the body on the flight.
Read more »
BYD Introduces Fully Electric Hatchback Seagull to International MarketBYD's Seagull, a fully electric compact hatchback, is being introduced to the international market. The Dolphin Mini, another electric vehicle from BYD, is already available in Uruguay and will be released in Brazil and Columbia later this year. However, the Seagull will not be available in Malaysia for now.
Read more »
Taylor Swift's Eras Tour attracts thousands of international concertgoers to SingaporeSeven in 10 of the 300,000 concertgoers are expected to descend on Singapore this week from abroad. Taylor Swift is playing six sold-out nights in Singapore this week as part of her Eras Tour. Thousands of Swifties from Southeast Asia are traveling to Singapore to attend the concert, giving the local economy a boost.
Read more »