Wed Sep 25 08:48:00 UTC 2024: ## Najib Denies Control over SRC International Funds in Ongoing Trial

**KUALA LUMPUR:** Former Malaysian Prime Minister Datuk Seri Najib Razak has denied having control over the movement and utilisation of funds from SRC International Sdn Bhd, testifying that he was only responsible for ratifying decisions made by the company’s board of directors.

In his testimony at the ongoing trial, Najib stated that he lacked the authority to undertake any transactions for SRC, as this was solely within the purview of the board. He further claimed that he was never informed of nor able to independently verify the disbursement of SRC funds.

The former prime minister also denied involvement in earmarking or approving any investments by SRC, emphasizing that he had no fiduciary obligation or oversight over the company’s funds.

The trial, which commenced in May 2021, was initiated by SRC International under new management. The company alleges that Najib committed breach of trust, abuse of power, and misappropriated company funds for personal gain.

The suit initially named Najib and several former directors, but was later amended to retain Najib and Nik Faisal as the sole defendants. Najib has subsequently brought the former SRC directors as third-party respondents.

SRC International is seeking damages, interests, costs, and a court declaration holding Najib responsible for the company’s losses. They are demanding that Najib reimburse the US$1.18 billion in losses, as well as additional sums from Najib and Nik Faisal for alleged fraudulent breaches of fiduciary duties and breach of trust.

The trial before Justice Ahmad Fairuz Zainol Abidin is set to continue on Thursday, September 26th.

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