An expert in offshore asset recovery testified in the Commercial High Court today regarding the flow of funds into former Malaysian Prime Minister Datuk Seri Najib Abdul Razak’s bank account. Angela Barkhouse, the managing director at Quantuma International, stated that she had not seen evidence indicating that US$120 million, which is a part of SRC International Sdn Bhd’s US$1.18 billion civil suit against Najib, had been returned to Tanore Finance Corp, owned by an associate of Malaysian fugitive Jho Low.
Barkhouse, testifying as the second witness in SRC International's lawsuit, emphasized the lack of documentary evidence supporting the return of the said funds. She clarified that despite her analysis of documents provided by PriceWaterhouseCoopers, she had not observed any indication of the US$120 million being returned to Tanore in 2013.
During cross-examination, Barkhouse confirmed Tanore’s ownership by Eric Tan Kim Loong, known to be an associate of Jho Low. She pointed out that her investigative analysis was based solely on financial and corporate records she had access to and maintained limited knowledge regarding Low’s involvement in utilizing multiple offshore entities to siphon funds.
The origin of the US$1.18 billion under scrutiny stems from a RM4 billion loan obtained by SRC International from the Retirement Fund Incorporated (KWAP). The funds, alleged to have been misappropriated, have led to legal action against Najib and several former directors of SRC International.
Najib, currently serving a reduced sentence for the misappropriation of funds from SRC International, remains the primary defendant in the ongoing civil suit. SRC International, now wholly owned by the Ministry of Finance Incorporated, seeks various forms of relief, including a declaration of Najib's liability for the company’s losses and compensation totaling US$1.18 billion, including the US$120 million in question.
The court proceedings, scheduled to continue tomorrow, have shed light on the complex financial transactions involving Najib, Jho Low, and offshore entities. As the case progresses, it remains to be seen how the court will adjudicate the allegations of financial misconduct and the extent of Najib’s responsibility for SRC International’s losses.
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