00:00 The High Court in Kuala Lumpur has heard testimony indicating that the Board of Directors at
00:07 SRC International Sdn Brh was appointed to carry out the directives of the company's
00:12 sole shareholder, Datuk Sri Najib Razak.
00:15 Former SRC International Director Tan Sri Ismail Ismail testified on Thursday that typically
00:20 a new company's Board of Directors or BOD would have full freedom to operate, leveraging
00:26 their expertise to guide the company's direction and select government projects.
00:31 However, according to the witness, this was not the case with SRC International's BOD.
00:36 Najib, who was the Prime Minister and the Finance Minister at the time, was also SRC
00:42 International's sole shareholder by way of the Finance Minister, Inc.
00:46 Ismail, a third-party respondent, was under cross-examination by Najib's lawyer, Mohammad
00:52 Farhan Mohammad Shafi, in a US$1.18 billion lawsuit filed by the company against Najib
00:58 and SRC's former CEO, Nik Faisal Arif Kamil.
01:03 Ismail recalled an incident where he became upset with Nik Faisal, currently at large,
01:08 upon discovering that the company had failed to file and submit its accounts for the financial
01:12 year 2013, which ended on March 31, to the company's Commission of Malaysia, or SSM,
01:19 which was due in September 2012.
01:21 In May 2021, SRC International, under its new management, initiated legal action against
01:27 Najib and its former directors.
01:29 However, it later removed six names from the suit and retained Najib as the defendant.
01:34 The company is seeking damages, interest, cause, and a court declaration holding Najib
01:39 accountable for the company's losses, demanding that he repay the US$1.18 billion in losses.
01:47 It is also seeking US$120 million and US$2 million from Najib and Nik Faisal, respectively,
01:54 for fraudulent breach of fiduciary duties and breach of trust.
01:58 The hearing before Justice Ahmad Fairoz Zainal Abidin is scheduled to continue on June 10.
02:03 For more information, visit www.fema.gov.au/crimestoppers.
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