Mystery of SRC International, millions transferred into Najib’s accounts
(TMI) – Why did SRC International, a Finance Ministry-owned subsidiary, transfer millions of ringgit into the personal accounts of Prime Minister Datuk Seri Najib Razak, who is also the finance minister?
Did SRC International commit any criminal offence by transferring the funds into Najib’s accounts?
Attorney-General Tan Sri Mohamed Apandi Ali said last month Najib did not commit any criminal offence because he was unaware from where the money came.
But while the A-G has ordered the Malaysian Anti-Corruption Commission (MACC) to close investigations, several questions remain unanswered.
What is SRC International?
SRC International was incorporated on January 7, 2011, and principally involved in projects associated with conventional and renewable energy resources, natural resources and minerals.
It is also involved in “any partnership, joint ventures or any arrangements for sharing profit, union of interest or cooperation and property holding”, according to its financial statement for the financial year-ending March 2012.
At the date of its incorporation, the board of directors comprised Datuk Che Abdullah @ Rashidi Che Omar, Datuk Suboh Md Yassin, Datuk Paduka Ismee Ismail, Nik Faisal Ariff Kamil, Vincent Beng Huat Koh and Datuk Shahrol Azral Ibrahim Halmi.
The identity of the current top management team is unknown, as Faisal and Suboh, both of whom served as the company directors, disappeared last year amid MACC’s investigations into the firm.
1MDB link SRC
International was formerly a subsidiary of 1Malaysia Development Bhd, but ties were severed in February 2012 in order to qualify for a RM4 billion loan from the Retirement Fund Incorporated (KWAP).
The loan, which was disbursed in two tranches in August 2011 and March 2012, was spent on investments in Indonesia, Mongolia and “some other countries”, the ministry said last year.
Despite the controversy surrounding SRC International, the company appears to keep a low profile.
Its website, src.com.my, contains only the company logo, name and the message: “Thank you for your visit. Please note that our site is currently under construction”.
Even more mysterious, src.com.my only turns up as the 31st search result during a search for “SRC International Sdn Bhd” on Google.
