by Theleaders | March 11, 2024 8:08 am
KUALA LUMPUR, March 11 — None of the US$1.18 billion transferred out of SRC International (Malaysia) Limited’s (SRC BVI) bank account appear to have been used to ensure the long-term supply of energy and natural resources for which the company was established, an offshore asset recovery specialist told the Commercial High Court today.
Angela Barkhouse, managing director at Quantuma International, was testifying as the second witness in SRC International Sdn Bhd’s US$1.18 billion (RM5.58 billion) civil suit against former prime minister Datuk Seri Najib Razak.
Explaining to court via video-conferencing, Barkhouse said her international advisory firm had been appointed as liquidator of SRC BVI in August 2021 by 1Malaysia Development Berhad (1MDB) and SRC International’s global legal counsel following the United State Department of Justice’s September 2020 filings as part of the 1MDB sovereign wealth fund fraud.
In her witness statement, Barkhouse said specialist expertise that her firm offered include restructuring and insolvency, corporate finance, forensic accounting and investigations, cross-border asset recovery and creditor services.
Apart from SRC BVI, Barkhouse said she was also appointed joint liquidators for over 12 other entities which either received funds from SRC International or which became the intermediaries where these funds passed through.
“I have, using the powers available to me as liquidator of companies incorporated in the British Virgin Islands, Cayman Islands and Samoa, been able to obtain a significant amount of financial and corporate records from numerous and difficult jurisdictions.
“Analysis of these records has led me to trace the funds misappropriated from SRC International through a complex network of offshore entities associated with those involved with the fraud,” she said.
As to the origin of the US$1.18 billion, Barkhouse said these funds originated from the loan of RM4 billion which SRC International obtained from the Retirement Fund Incorporated (KWAP) — a statutory body which manages the pension scheme for Malaysia’s civil servants.
“None of the funds transferred out of the SRC BVI BSI (Bank) Account appear to have been used to ensure the long-term supply of energy and natural resources (other than gas and oil) for Malaysia, which was the purpose for which SRC International was established,” her witness statement read.
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