Former KWAP assistant vice president Amirul Imran Ahmat is pictured at the Kuala Lumpur High Court May 6, 2019. — Picture by Firdaus Latif
“Based on the two Facility Agreements and Supplemental Facility Agreement, the money borrowed from KWAP cannot be used for the purpose of ‘corporate social responsibility’ as social, charity and political works were not stated in the two Facility Agreement and supplemental agreement for the sum of RM4 billion,” Amirul Imran said, referring to the three agreements relating to the two loans totalling RM4 billion.
Amirul Imran today testified that the first loan agreement dated August 26, 2011 stated that the RM2 billion loan was only for the purposes of “working capital” and “general investment”. But Amirul Imran said that the purpose of the second RM2 billion loan was later amended, following the Finance Ministry’s May 18, 2012 letter which stated that it was only for working capital and investment activities over natural resources, and not general investment.
This meant that funds from the second RM2 billion could not be invested into fund management or asset management companies whether within Malaysia or abroad to generate profits, he said. Amirul Imran was assistant vice-president of KWAP’s fixed income department during the time when the two loans totalling RM4 billion were given to SRC International, and was then involved in getting supporting documents from SRC International and drafting documents linked to the loans for KWAP’s investment panel to approve.
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