An offshore asset recovery expert testified in the Commercial High Court today that none of the $1.18 billion transferred out of SRC International (Malaysia) Limited's bank account seemed to have been utilized for securing the long-term energy and natural resource supply, the primary purpose of the company's establishment. Angela Barkhouse, the managing director at Quantuma International, took the stand as the second witness in SRC International Sdn Bhd's $1.18 billion civil suit against former Prime Minister Datuk Seri Najib Razak.
Barkhouse, speaking via video-conferencing, detailed her firm's role as the liquidator of SRC BVI, appointed in August 2021 by 1Malaysia Development Berhad (1MDB) and SRC International's legal counsel following the United States Department of Justice's filings related to the 1MDB sovereign wealth fund fraud in September 2020.
In her testimony, Barkhouse highlighted the range of expertise her firm provided, including restructuring, insolvency, corporate finance, forensic accounting, investigations, cross-border asset recovery, and creditor services. Beyond SRC BVI, she mentioned being appointed as a joint liquidator for over 12 other entities involved in either receiving funds from SRC International or serving as intermediaries in the fund transfer process.
Utilizing the authority vested in her as the liquidator of companies incorporated in various jurisdictions, including the British Virgin Islands, Cayman Islands, and Samoa, Barkhouse explained how her team managed to obtain a substantial amount of financial and corporate records from challenging locations. Through meticulous analysis, they were able to trace the misappropriated funds from SRC International through a complex network of offshore entities connected to the fraud perpetrators.
Regarding the origin of the $1.18 billion, Barkhouse pointed out that these funds stemmed from a $4 billion loan obtained by SRC International from the Retirement Fund Incorporated (KWAP), which manages the pension scheme for Malaysia's civil servants.
Despite the significant sums involved, Barkhouse's witness statement emphasized that none of the transferred funds appeared to have been allocated towards fulfilling SRC International's intended purpose of ensuring Malaysia's long-term energy and natural resource supply, apart from gas and oil.
The testimony shed light on the intricate financial maneuvers and lack of accountability surrounding the misused funds, underscoring the importance of transparency and oversight in financial transactions of such magnitude.
Young Sok Fun is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.
