Najib's lawyers set to cross-examine ex-SRC chairperson

Najib Abdul Razak’s legal team will get the opportunity to cross-examine former SRC International Sdn Bhd chairperson Ismee Ismail on July 29.

Najib’s lead counsel Muhammad Shafee Abdullah informed the Kuala Lumpur High Court of this today during the hearing of SRC’s US$1.18 billion lawsuit against the former prime minister and finance minister.

SRC, a Minister of Finance Incorporated (MOF Inc) company, is suing Najib for his alleged breach of duty over the utilisation of part of RM4 billion in loans from the Retirement Fund Incorporated (Kwap).

Ismee (above), who is overseas, is set to return to Malaysia this month and is available for cross-examination on July 29, the next trial date of the civil action.

Ismee was with SRC from 2011 to 2014.

In this lawsuit presided over by judge Ahmad Fairuz Zainol Abidin, Ismee is giving oral evidence in the capacity of a third party brought into the lawsuit by Najib to fully or partly reimburse the former prime minister in the event that SRC wins the court action.

Among other testimonies he gave during the hearing of the civil action was that he would not refuse instructions from Najib, who used to be SRC’s adviser emeritus.

Misappropriation of loans

Ismee was also a prosecution witness in a separate criminal trial against Najib linked to RM42 million of SRC’s funds, which led to the ex-premier’s conviction. Najib is serving a six-year jail sentence and was fined RM50 million.

Under its new management, SRC filed the lawsuit in May 2021, alleging that Najib, as adviser emeritus of the plaintiff, had committed a breach of trust and abuse of power, and personally benefited from the company’s funds, as well as misappropriated billions of ringgit.

SRC is also seeking a court declaration that the defendant is responsible for its losses due to a purported breach of duties and trust, and for Najib to repay RM42 million.

The plaintiff is also seeking a court order for Najib to be made accountable for the former’s US$1.18 billion loss and repay US$120 million of funds that allegedly flowed into the former finance minister’s bank account.

The civil action against Najib is linked to the alleged misappropriation of part of RM4 billion - RM3.6 billion or US$1.18 billion in foreign exchange rates between 2011 and 2012 - in loans that the company received from Kwap between 2011 and 2012.

Kwap is a statutory body under the Finance Ministry.

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