My bank account was for CSR purposes: Najib

Former prime minister Najib Abdul Razak explained that one of his bank accounts was for “corporate social responsibility” (CSR).

He was testifying during today’s civil court hearing of SRC International’s US$1.18 billion lawsuit against him.

He told the Kuala Lumpur High Court about an AmBank account of his, ending with 694, which was opened in 2011 but later closed in 2013.

SRC’s counsel Lim Chee Wee was cross-examining Najib over the former finance minister’s bank statement that showed US$70 million was deposited in 2012.

“It is my CSR account. It is in my personal name (but) it does not qualify as where I do my personal (banking),” Najib told judge Ahmad Fairuz Zainol Abidin.

Najib is being sued over the alleged misappropriation of US$1.18 billion of loans that SRC received from Retirement Fund Incorporated (Kwap).

Kwap is a statutory body under the Finance Ministry while SRC is a company under Minister of Finance Incorporated (MOF Inc).

Najib was also an adviser emeritus to SRC.

Yesterday, the former Pekan MP testified that he was baffled why SRC board members did not directly verify company matters with him.

SRC’s lawsuit

Under new management, SRC filed the lawsuit in May 2021, alleging that Najib committed a breach of trust and abuse of power, personally benefited from the company’s funds, and 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 his 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.

Najib is serving a six-year jail sentence over a separate criminal case involving corruption linked to RM42 million of funds from SRC.

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