PUTRAJAYA – The Court of Appeal was told today that Datuk Seri Najib Razak had absolute power over SRC International Sdn Bhd, including on the hiring and firing of its directors, as the company’s constitution itself allows it.
Ad hoc prosecutor Datuk V. Sithambaram submitted that a provision in SRC’s Memorandum and Articles of Association stated that nobody could be appointed director without the blessing of the then prime minister.
Sithambaram submitted this before a three-member bench led by judge Datuk Abdul Karim Abdul Jalil in the hearing of Najib’s appeal against his conviction and jail sentence for the misappropriation of RM42 million in SRC International funds.
The other two judges on the bench are Datuk Has Zanah Mehat and Datuk Vazeer Alam Mydin Meera.
Sithambaram: We are saying that Najib had power in the hiring and firing of SRC (directors).
Karim: Not the board of directors?
Sithambaram: No.
The prosecutor also said Najib was the “controlling mind” of the company in his capacity as prime minister, finance minister and adviser emeritus of the SRC at the time.
“The board acted on the instruction of Najib through SRC chief executive officer Nik Faisal Ariff Kamil, who was the ‘mountain’ behind the appellant (Najib),” he added.
Sithambaram said that former SRC chairman Tan Sri Ismee Ismail and director Datuk Suboh Md Yassin had testified during the Kuala Lumpur High Court trial to the power Najib wielded.
He said Najib was already involved in SRC from as early as 2011, when the company was incorporated as a private limited company.
Sithambaram said the company constitution stated that Najib must be referred to if certain key decisions are made.
The prosecutor added that the company first became a subsidiary of 1MDB and was later placed under the Ministry of Finance Incorporated.
The high court had on July 28 last year sentenced Najib to 12 years’ jail and a RM210 million fine after finding him guilty of seven charges of criminal breach of trust, money laundering and abuse of position, involving RM42 million in SRC International funds.
The hearing of the appeal continues. – Bernama, April 14, 2021
