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Ex-SRC directors never asked about subsidiary’s account, court hears
Published on: Thursday, March 07, 2024
By: FMT, Ho Kit Yen
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Ex-SRC directors never asked about subsidiary’s account, court hears
Former BSI banker Kevin Swampillai says he was not aware of the company structure at SRC International. (Bernama pic)
Kuala Lumpur: The former directors of SRC International never called BSI Bank to inquire about their subsidiary’s account, the High Court here was told today.

Former BSI banker Kevin Swampillai said since there were no queries from the directors, he assumed they were aware of the account’s state of affairs.

But Swampillai, who worked at the bank from 2010 to 2016, said he was not surprised that the directors had not contacted the bank.

“I assume whatever actions taken by the account’s signatories are reported back to those who had to report to the shareholder,” he said, when questioned by former prime minister Najib Razak’s lawyer Shafee Abdullah.

Shafee had asked Swampillai whether the former directors ever checked with the bank on their account.

SRC International filed a lawsuit against Najib and the former directors over claims of various breaches of trust and duty.

It was also alleged that Najib and the former directors had wrongfully received company property, and dishonestly and wrongfully conspired to commit conversion of company property.

The former directors, namely Ismee Ismail, Shahrol Azral Ibrahim Halmi, Suboh Yasin, Azhar Osman Khairuddin and Che Abdullah @ Rashidi Che Omar were initially named as defendants but were subsequently dropped.

A judgment in default was obtained against former CEO Nik Faisal Ariff Kamil, who had absconded.

SRC International wanted Najib and Nik Faisal to pay the government RM4 billion as well as for Najib and Nik Faisal to return US$120 million and US$2 million, respectively.

The five former directors were then brought in as third parties in SRC International’s civil suit.

Swampillai also told the court that he was not aware of the company structure at SRC International.

“I am not aware that Nik Faisal was the corporate representative director and CEO (appointed by Najib),” he said when questioned by Shahrol’s lawyer, Chong Yik Loong.

Chong: You were not aware of the degree of control by the emeritus advisor (Najib)?

Swampillai: Not aware.

The hearing continues on March 10 before Justice Ahmad Fairuz Zainol Abidin.

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