Thursday, January 28, 2016

Najib, why was SRC International transferring funds in and out of Putra Perdana Construction as if they were related parties?

The Attorney-General Tan Sri Apandi Ali inadvertently exposed a chart (attached) during his press conference on 26 January 2016, which clearly showed that an additional RM27 million was channelled to Dato’ Seri Najib Razak’s personal bank accounts from SRC International Sdn Bhd.

The chart showed how SRC International transferred RM35 million on 8 July 2014 to Putra Perdana Construction Sdn Bhd, which then transferred RM34.99 million to its subsidiary, Permai Binaraya Sdn Bhd on the very same day.

Again on the same day, RM27 million was transferred to Dato’ Seri Najib Razak’s bank account, and immediately redistributed to the Prime Minister’s other personal bank accounts. RM3.2 million was also utilised a month later on 13 August 2014 to pay for Dato’ Seri Najib’s VISA and Mastercard bills.

The RM27 million received by Dato Seri Najib Razak was on top of the subsequent RM42 million which was channelled by SRC International via another company, Ihsan Perdana Sdn Bhd.

While we have called for the Attorney-General to explain how the above does not show a clear-cut prima facie case against the Prime Minister, the chart also revealed a disconcerting amount of criss-crossing transactions between SRC International Sdn Bhd and Putra Perdana Construction Sdn Bhd.

Subsequent to the RM35 million transfer on 8 July 2014, RM105 million and RM30 million was transferred on 14 July and 8 August 2014 respectively, from SRC International to Putra Perdana Construction.

Both the latter sums were channelled to Putra Perdana’s other subsidiary, Putra Perdana Development Sdn Bhd. The sums were however “returned” from Putra Perdana Development to Putra Perdana Construction a few months later on 12 December 2014, and transferred back to SRC International on the same date.

In the interim period, Putra Perdana Construction also transferred another RM5 million to Dato’ Seri Najib Razak’s personal bank account “906”, on 10 September 2014.

Putra Perdana Construction is the construction arm of Putrajaya Perdana Bhd, while Putra Perdana Development is the latter’s property development division.

As the Finance Minister, Dato’ Seri Najib Razak must explain why SRC International, a wholly-owned subsidiary of the Ministry of Finance, is shifting funds to and fro with completely unrelated private entities.

SRC International's financial statement for 31 March 2014 had disclosed that RM3.81 billion forms its “investment portfolio outside Malaysia” which “consists of open-ended funds, quoted shares, bonds and time deposits”.  The Finance Minister responded separately to me in Parliament on 16 March 2015 that the investments were in the “coal and natural resources sector” and that “SRC International conducts its investments directly or via joint ventures with international investors.”

How then are the highly suspicious monetary transfers between SRC International and the Putrajaya Perdana group any way related the above “coal and natural resources sector” investments?

Was SRC International illegally advancing funds to the Putrajaya Perdana group as a quid pro quo for the latter to act as the cover to transfer RM32 million of funds into the Prime Minister’s personal account between July and September 2015??

The failure by either the Najib-appointed Attorney-General or by the Dato’ Seri Najib Razak himself over the above matter would cast an even darker cloud on the entire investigation exercise, and further deepen the web of intrigue over the corruption scandals involving 1MDB, SRC International and the Prime Minister.

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