Former SRC International Sdn Bhd CEO Nik Faisal Ariff Kamil had lied to the board of directors (BOD) regarding the repatriation of the company’s funds from abroad, the High Court was told.
Former SRC director Datuk Suboh Md Yassin, 73, who testified at the trial involving a US$1.18bil lawsuit filed by SRC against former prime minister Datuk Seri Najib Razak and Nik Faisal on Tuesday (June 25), said there were many criminal elements and fraud in the management of the company.
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Former SRC director Datuk Suboh Md Yassin, 73, who testified at the trial involving a US$1.18bil lawsuit filed by SRC against former prime minister Datuk Seri Najib Razak and Nik Faisal on Tuesday (June 25), said there were many criminal elements and fraud in the management of the company.
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NewsTranscript
00:00The High Court in Kuala Lumpur was told on Tuesday that former SRC International Sendirian
00:08Berhad CEO Nik Faisal Arif Kamil misled the Board of Directors about repatriating the
00:13company's funds from abroad.
00:16Former SRC Director Datuk Suboh Mad Yassin, who testified at the trial involving a US$1.18
00:22billion lawsuit filed by SRC against former Prime Minister Datuk Seri Najib Razak and
00:28Nik Faisal, said there were numerous criminal elements and fraudulent activities within
00:33the company's management.
00:35Seventy-three-year-old Suboh, who was named as a third-party respondent in the lawsuit,
00:40concurred with Najib's lawyer, Tan Sri Mohammed Shafi Abdullah, that Nik Faisal, currently
00:45at large, failed to return the company's funds despite assuring the Board that he would.
00:51The funds in question were part of a R3.6 billion loan from the retirement fund incorporated
00:57KWAP to SRC intended for investments.
01:01Suboh also agreed with Mohammed Shafi's suggestion that several rogues were involved in the company's
01:06management.
01:07SRC, under new management, initiated legal action in May 2021, accusing Najib of breach
01:14of trust, abuse of power, and misappropriation of company funds for personal gain.
01:20Initially, the lawsuit named Najib, Suboh, Mohammed, Azhar, Osman, Khairuddin, Nik Faisal,
01:27Datuk Shafi Abdullah alias Rashidi Shafi Omar, Datuk Shahrol Azral Ibrahim Halmy, and Tan
01:33Sri Ismi Ismail.
01:34However, the company later removed six names, including Suboh, from the lawsuit, retaining
01:40Najib and Nik Faisal as the primary defendants.
01:43Additionally, Najib has brought the former named SRC international directors as third-party
01:49respondents in the suit.
01:51SRC is seeking damages, interest, costs, and a court declaration holding Najib accountable
01:57for the company's losses due to his breach of duties and trust.
02:02The company demands that Najib repay the US$1.18 billion in losses and is also seeking US$120
02:09million and US$2 million from Najib and Nik Faisal, respectively, for fraudulent breach
02:16of fiduciary duties and trust.
02:18The hearing before Justice Ahmad Fairooz Zainul Abidin continues.