Najib wore many different hats to commit crimes in SRC, court told

The Federal Court was today told that all actions taken by Najib Razak in the SRC International case were to achieve his personal desire to attain wrongful gain for himself and wrongful loss for the company.

Ad hoc prosecutor V Sithambaram submitted that there was no evidence whatsoever that Najib had ever acted to protect and preserve the interests of SRC International, as he was legally obliged to do. 

"Najib was the prime minister, finance minister and also advisor emeritus of the company. It was plain and obvious that he used all of his positions to extract financial gain from the RM4 billion Retirement Fund Inc (KWAP) loan to SRC International. 

"The criminal intention of the appellant was executed by the appellant, wearing different hats.

"What the appellant’s plan was for the billions standing frozen in a Swiss bank is anybody’s guess. It was the mens rea of the appellant in executing the criminal intent in various capacities that enabled him to commit the seven offences charged.

"No artificial demarcation of the role of the appellant in various capacities should be entertained as it was his sole intention to commit crimes in the varied roles played by him in the country’s administration and in SRC International," the deputy public prosecutor said at the hearing of Najib’s appeal against his conviction and jail sentence for the misappropriation of RM42 million in SRC International funds.

Sithambaram said the combined roles Najib played enabled him to execute his game plan to benefit from the funds of SRC International as he placed himself in a position where the board of directors acted on his instructions rather than as independent directors.

"While the law requires that the SRC board of directors should always act in the best interests of SRC, it was actually acting (unknowingly) in the best interests of the appellant.

"The RM4 billion KWAP loan to SRC has disappeared while the debt is still being paid by the government from public funds. It was unusual when the newly established company (SRC) was given such a huge loan.

"The loan approval was done very quickly, and it was approved by the Cabinet chaired by Najib at that point of time," he said before the five-member bench led by Chief Justice Tengku Maimun Tuan Mat. 

The other judges on the bench were Chief Judge of Sabah and Sarawak Abang Iskandar Abang Hashim and Federal Court judges Nallini Pathmanathan, Mary Lim Thiam Suan and Mohamad Zabidin Mohd.

Sithambaram also said that a total of RM50 million was transferred out of SRC International to its subsidiaries Gandingan Mentari Sdn Bhd (GMSB) and Ihsan Perdana Sdn Bhd (IPSB) in two separate transactions of RM40 million in December 2014 and RM10 million in February 2015.

He said of the total sum, RM42 million was transferred to Najib’s accounts in three transactions of RM27 million, RM5 million and RM10 million.

The hearing continues tomorrow.