Witness recalls ‘top-down’ process for transfer of SRC ownership

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KUALA LUMPUR: The procedure to transfer the ownership of SRC International Sdn Bhd from 1Malaysia Development Bhd to the Minister of Finance Inc (MoF Inc) was a “top-down” process.

The application was sent directly to the prime minister for approval without going through the lower levels, the High Court heard.

The application would have to go through several layers which would involve either the Finance Minister or the Finance Minister II, a procedure which the witness described as the “first category”. “These meant that an agreement had been reached. Before SRC International wrote this letter, Nik Faisal probably had discussed with the prime minister who then gave a verbal agreement,” he said.

“After going through all four pages, he signed and made a note on the first page of the memo, which was placed on the bonnet,” he said.

 

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