US$120 million from KWAP loan to SRC went into Najib’s personal account: Witness
Published on: Monday, March 11, 2024
By: Bernama
KUALA LUMPUR: Datuk Seri Najib Tun Razak received US$120 million of the loan proceeds from Retirement Fund Incorporated (KWAP) to SRC International Sdn Bhd between December 2011 to May 2012, the High Court today heard.
Quantuma International Managing Director Angela Barkhouse, who is also an offshore assets recovery specialist testified that the US$120 million went into the former premier’s personal bank account in Ambank via three transactions from a company called Blackstone Asia Real Estate Partners, with the first tranche being US$70 million on Dec 29, 2011.
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Barkhouse, who testified as the second witness in the SRC International civil suit trial said another US$50 million came in two tranches on March 12, 2012 and May 22, 2012, respectively.
"These transactions tagged with the reference "AMPrivate Banking" in Blackstone bank statements and I am able to approximately match incoming amounts in Ringgit Malaysia (RM) to the transactions out of the Blackstone account in US$ by applying a currency conversion.
"Nik Faisal Ariff Kamil (former SRC International chief executive officer) also received US$82,000 from Blackstone Asia between Jan 27, 2012 and Feb 8, 2012," she said while testifying online from British Virgin Island during SRC International's US$1.18 billion lawsuit against Najib before Judge Datuk Ahmad Fairuz Zainol Abidin.
Previously, in another trial involving Najib, it was established in court that Blackstone Asia Real Estate Partners is a shell company set up by fugitive businessman Low Taek Jho or Jho Lo and it carries a similar name to real estate private equity firm, Blackstone Real Estate.
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Today, the witness also said there were further movement of funds out of Blackstone to various intermediaries including Najib's stepson's film production company, Red Granite Capital Ltd (US$17.5 million), US$24.8 million to Brightstone Jewellery Limited as well as a company called Alsen Chance Holdings Limited (US$168.5), both reported to be owned by Jho Low's associate Tan Kim Loong.
"I believe that, based on the evidence available to me, particularly my review of banking information relevant to Alsen Chance and Brightstone that they are shell companies that conducted no legitimate business, other than to launder funds misappropriated from 1Malaysia Development Berhad and SRC International," she said.
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SRC, under its new management, filed the suit in May 2021, claiming that Najib had committed a breach of trust and power abuse, personally benefited from the company’s funds, and misappropriated the said funds.
The company is seeking general, exemplary and additional damages, as well as interest, costs and other appropriate relief provided by the court.
It is also seeking a court declaration that Najib is responsible for the company’s losses due to his breach of duties and trust and that they demand for Najib to pay back the RM42 million in losses that they have suffered.
Najib, 70, has been serving a jail sentence at the Kajang Prison since Aug 23, 2022, after being convicted of misappropriating RM42 million in SRC International funds.
After he filed a petition for a royal pardon on Sept 2, 2022, Najib’s prison sentence was reduced from 12 years to six years and the fine was reduced to RM50 million from RM210 million.
The hearing continues tomorrow.
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