The High Court has ruled that former prime minister Datuk Seri Najib Abdul Razak
He said the accused’s participation at the Cabinet meetings which approved the government guarantees for the RM4 billion financing to SRC from Retirement Fund Incorporated , which was in turn quickly drawn down to SRC, directly caused the accused to be in a position of access to much greater funds of the company, at any time and as and when he deemed necessary, including to the RM42 million that flowed into his accounts in late 2014 and early 2015.
Justice Mohd Nazlan said the approvals by the Cabinet benefited SRC, which was controlled by the accused himself. “The gratification in terms of the advantage immediately became an entitlement of the accused, only for him to decide as and when it was essential for such funds to be channelled for his own use,” he said.
Touching on the conduct after the drawdown of the financing from KWAP, the judge said subsequent to the release of the entire RM4 billion loan to SRC, the conduct of the accused seems inconsistent with his involvement prior to. He said it was clear by the end of 2015 that SRC was facing financial difficulties and the MOF memo of Nov 4, 2015 raised the need for the first of what later resulted in three short-term loans to SRC to avoid KWAP declaring an event of default against SRC that would call upon the government guarantees.