SRC took finance ministry loan to pay interest on RM4 bil KWAP loan, court told

KUALA LUMPUR: Najib Razak’s abuse of power trial heard today that SRC International Sdn Bhd applied for and received a loan from the government to settle interest on its RM4 billion loan from Retirement Fund or KWAP.

“The meeting was called after KWAP sent SRC a letter dated Aug 28, 2015 asking the company to pay interest on its loan immediately or else KWAP will declare ‘event of default’ against it,” she said. “At the time the second letter was sent, the interest that SRC needed to pay was RM100.8 million for the RM4 billion loan from KWAP,” Afidah said.

She agreed with Najib’s lawyer Harvinderjit Singh that the government would have to bear a “lesser burden” over the company’s debt if SRC’s Swiss bank account had not been frozen. Farhan then proceeded to ask her about the possibilities if KWAP were to have declared the “event of default” against SRC International.

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