7 May 2019
KUALA LUMPUR, May 7 — The investment guidelines for the Retirement Fund Incorporated (KWAP) were breached when it decided to give the first loan of RM2 billion to then 1MDB subsidiary SRC International Sdn Bhd in 2011, the High Court heard today in the trial of former prime minister Datuk Seri Najib Razak.
Amirul Imran Ahmat, 39, a former employee of the civil servants’ pension fund, stuck to his 30-page written witness statement which he had read out last week and yesterday.
The 29th prosecution witness confirmed that he had said the first RM2 billion loan by KWAP to SRC International had breached Paragraphs 2 and 5 of the KWAP Policy and Guideline under cross-examination from Harvinderjit Singh, the defence lawyer for Najib.
Amirul also confirmed that these two parts were waived when KWAP’s investment panel approved the loan in 2011 that was backed by a government guarantee.
However, Amirul said the waiver was required due to the breach.
“There is pelanggaran, hence the need for waiver,” he said, prompting Harvinderjit to respond saying “There’s waiver, hence no pelanggaran.”
Pelanggaran is the Malay word for breach.
But Amirul replied that he stands by his witness statement: “I still stick to (it).”
Paragraph 2 of the policy and guidelines is that KWAP’s investment in the form of loans cannot exceed 10 per cent of its allocations for investment in domestic fixed income investments.
Amirul had said Paragraph 5 was breached as the loan amount exceeded the equity limit of shareholders, as SRC International only had RM1 million equity while the approved loan amount exceeded that.
PUTRAJAYA: The Court of Appeal here has ruled that senior lawyer Gopal Sri Ram can continue to lead the prosecution team in Najib Razak’s 1MDB case.
Justice Zabariah Mohd Yusof, who chaired the panel, ruled that Najib’s appeal against the High Court decision dismissing his bid to disqualify Sri Ram has no merit.
“The appellant (Najib) alleged that Sri Ram was involved in the 1MDB investigation process and ought to be disqualified.
“However, Sri Ram in his affidavit denied that he was involved in the investigations and said that he was appointed by the attorney-general to lead the 1MDB prosecution on Aug 31, 2018,” she said in delivering the court’s unanimous decision.
Other judges who sat with Zabariah today were Lau Bee Lan and Rhodzariah Bujang.
Zabariah also said there was no evidence that Sri Ram, a former judge, was biased against Najib during the prosecution process.
“The burden is on the appellant (Najib) to show evidence, not bare allegations,” she said.
She was referring to Najib’s complaint over Sri Ram’s conduct in opposing bail on Sept 20 last year, when the former prime minister was charged in the Sessions Court with 25 counts of corruption and money laundering in the alleged transfer of 1MDB funds into his accounts.
The panel also disagreed that Najib would be deprived of a fair trial if he was unable to view Sri Ram’s appointment letter as fiat prosecutor in the 1MDB case.
“We fail to see how that would affect his right to a fair trial,” Zabariah said.
KUALA LUMPUR (May 7): Datuk Seri Najib Razak’s SRC trial will start a little later today as the former premier will have to travel to the Court of Appeal in Putrajaya to know the outcome of his appeal to remove former Federal Court judge Datuk Gopal Sri Ram as a prosecutor in his 1Malaysia Development Bhd (1MDB) case.
As with criminal trials the accused person is required to be present in court even this is an interlocutory appeal matter.
Following that decision, Najib will then have to travel to KL to attend the SRC proceedings.
As Najib Abdul Razak’s trial over alleged misappropriation of RM42 million of SRC International Sdn Bhd’s funds enter its 14th day today, the former premier’s defence team is set to further grill the 30th witness, Affin Bank The Curve branch manager Norhayati Mohd Yunus, over transactions involving Ihsan Perdana’s accounts at the commercial bank.