RM250m grant approved for SRC CSR project did not meet company procedures: Suboh

Datuk Suboh Md Yassin, a former non-executive director of SRC International Sdn Bhd. — BBX: The High Court here was told today that a corporate social responsibility project by SRC International Sdn Bhd , involving RM250 million grant to help flood victims in the East Coast, did not meet company procedures, but was approved by the “people higher up”.

“To me, the amount of the grant is huge and should have gone through the existing procedure by obtaining written approval through a resolution by the Board of Directors. I raised the question on the company regulations and the issue on compliance because the RM250 million grant involved the use of SRC fund.

“If there is excess in the grant, what is left should be returned to SRC before the expiry of the grant period. However, IPSB had never given any feedback on the matter and I do not know if IPSB returned the balance to SRC,“ he added.

So why KWAP approved loan?

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