00:00The Kuala Lumpur High Court was told on Tuesday that responsibility for transactions carried out by SRC International Sendirian Berhad lies with its board of directors and management, not former Prime Minister Datuk Seri Najib Razak.
00:16Lawyer Mohamed Farhan Mohamed Shafi argued that his client did not have exclusive control over SRC's operations or the handling of loan funds obtained from the Retirement Fund Incorporated, or QWAP.
00:30He stated that all transactions were executed by SRC's board, which also bore oversight responsibility.
00:37Even if Najib had given instructions, Farhan said the board held the ultimate duty to manage the funds properly.
00:44The submission was made during the ongoing hearing of SRC's US$1.18 billion civil suit against Najib and former SRC CEO Nick Faisal Arif Kamil, who is still at large.
00:59Farhan added that Najib did not control the board's decisions nor owe fiduciary duties to SRC in the capacity of a director.
01:07He explained that any shareholder roles Najib held were part of a lawful governance structure and did not make him the controlling mind of the company.
01:15The submission will resume on August 25.
01:18In May 2021, SRC's new management filed the civil suit, alleging that Najib abused his power, breached his duties, and personally benefited from misappropriated company funds.
01:32The company is seeking a declaration that Najib is liable for its losses and is demanding the return of 42 million ringgit.
01:42Najib is currently serving a jail sentence at Kajang Prison for the misappropriation of the same 42 million ringgit in SRC funds.
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