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Offshore assets recovery specialist reveals misused funds in SRC International case

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Offshore Assets,Recovery Specialist,SRC International

An offshore assets recovery specialist testified in court that some of the loan obtained by SRC International was not used for its intended purpose. The specialist revealed that the funds were not invested in activities related to the energy and resources sector as required. The testimony was part of the ongoing civil suit trial against SRC International.

An offshore assets recovery specialist told the High Court here today that some of the RM4 billion loan obtained by SRC International Sdn Bhd from the Retirement Fund Incorporated (KWAP) was not invested in activities related to energy and resources sector, as its intended purpose. Quantuma International Managing Director Angela Barkhouse said when Bank Negara Malaysia (BNM) authorised the loan from KWAP to SRC, the bank also set out First Permission that RM1.

8 billion from the first KWAP loan to be used to acquire two companies in Indonesia (PT ABM Investama and Bumi Resources TBk PT) and two companies in Mongolia (Gobi Coal and Energy Limited and Erdens-Tavan Tolgoi). Barkhouse, who testified as the second witness in the SRC International civil suit trial, said the central bank’s Second Permission stated that the second KWAP loan (RM2 billion) should be used for investments in energy and natural resources industries, excluding oil and ga

 

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