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Najib told KWAP to up RM1bil loan to RM2bil

KUALA LUMPUR: Former Prime Minister Datuk Seri Najib Razak had asked the Retirement Fund Incorporated (KWAP) to increase SRC International Sdn Bhd’s loan from RM1bil to RM2bil., the High Court here heard.

It is reported that SRC International had originally applied for a RM3.95bil loan, but only RM1bil loan was approved.

Najib had made the request to Former Treasury Secretary-General Tan Sri Dr Wan Abdul Aziz Wan Abdullah (who was testifying at Najib’s corruption trial on the misappropriation of RM42mil in SRC International funds) in a meeting at the Prime Minister’s Office. Dr Wan Abdul said that the former prime minister asked him to hasten the approval for the loan application, saying “RM2bil loan was sufficient and not RM1bil.”

However, the witness could not remember the exact date of the meeting and did not make any notes on Najib’s instructions.

 “I would like to state here that if there was no communication bet­ween Najib and me on the loan from KWAP to SRC International, the investment panel would have stuck with approving the RM1bil loan as per the consideration and approval of the panel,” he said.

Dr. Wan Abdul said that the investment panel was informed of the meeting between him and Najib, and the details were noted in the minutes.

He testified that the SRC International had earlier applied for the approval of a RM3.95bil loan from KWAP through a letter addressed to Najib, signed by former SRC International Sdn Bhd CEO Nik Faisal Ariff Kamil and dated June 3, 2011

After evaluating the application, KWAP agreed to a sum of RM1bil.

“The amount was agreed on after considering the concentration risk as RM3.95bil was a huge amount to be concentrated on one industry and one company,” he said.

It is also said to the High Court that Najib had ordered KWAP to disburse the loan to SRC International before a Federal Government guarantee was issued.

This instruction from Najib received through a phone call, but Dr. Wan Abdul Aziz could not remember the date of the call.

Former Finance Ministry Loan Management, Financial Market and Actuary Division Secretary Datuk Maliami Hamad knew about the phone call, Dr. Wan Abdul Aziz said when asked by Deputy Public Prosecutor Datuk Suhaimi Ibrahim

 “I asked Maliami to issue the letter the same day the call was made,” he added. This extraordinary instruction was still executed because the government, through the Cabinet, had approved the loan and was its guarantor, he said, adding: “It was just a matter of waiting for the guarantee letter to be issued.”

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