Ad hoc prosecutor Datuk V. Sithambaram told the three-man bench that SRC International, a subsidiary of troubled sovereign wealth fund 1Malaysia Development Bhd , was established with the support of Najib.
SRC subsequently approached KWAP, an entity that was within the control and direction of Najib who was the then-finance minister. As KWAP is a pension fund for retirees in Malaysia, the misuse of the funds would have direct and dire consequences to pensioners' money, Sithambaram said. Sithambaram said Najib had a"very powerful role" in SRC International that enabled him to use the company's funds for his personal use.The court also heard that Najib had abused his position when he sat in Cabinet meetings to approve two government guarantees for a RM4bil loan from KWAP.
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