Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi told the High Court that SRC International decisions were not micromanaged by former prime minister Najib Razak, agreeing he had never been instructed to direct the board on corporate matters.
KUALA LUMPUR – Former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi told the High Court that SRC International decisions were not micromanaged by former prime minister Najib Razak, agreeing he had never been instructed to direct the board on corporate matters.
Datuk Shahrol Azral Ibrahim Halmi told the High Court today that former prime minister Najib Razak did not micromanage the operations of SRC International or 1Malaysia Development Berhad, agreeing during re-examination that Najib had never instructed him to tell the board to approve any corporate decisions.
During questioning by defence counsel Tan Sri Shafee Abdullah, Shahrol also agreed that Najib had never personally called him to direct that the board of directors approve any particular investment, transaction or corporate decision involving the two companies.
Shafee suggested that corporate governance within 1MDB and SRC required decisions to originate from management and the board of directors, rather than being imposed from the top by the shareholder or political leadership.
Governance: Shahrol Says Najib Never Directed Board Decisions
The defence also highlighted the professional credentials of the company’s leadership at the time, including board members and senior executives such as Tan Sri Ismee Ismail and other senior officials, arguing that they were highly qualified individuals entrusted with overseeing the companies’ management and governance.
Shafee also traced the origins of 1MDB, telling the court that the idea for the Terengganu Investment Authority (TIA) — the predecessor to 1MDB — was initially mooted by fugitive financier Jho Low.
He said the proposal was presented to Sultan Mizan Zainal Abidin before the fund was eventually taken over by the federal government following disagreements at the state level and subsequently renamed 1MDB.
SRC Origins and Role of Nik Faisal Raised in Court
During the session, Shahrol confirmed that he had met Nik Faisal Ariff Kamil earlier through Winton, an entity linked to Jho Low. Nik Faisal later became chief executive officer of SRC International.
Shafee suggested that Najib had initially not known Nik Faisal and only became aware of him after his profile was presented.
Nik Faisal, who is currently a fugitive, had previously told the Malaysian Anti-Corruption Commission that he had been appointed by Shahrol — a claim Shahrol denied during the trial.
The court will continue hearing testimony related to the management and governance of SRC International, as the civil proceedings scrutinise the roles of management, the board and shareholder representatives in the company’s decision-making process. – NMH
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Justice Finally Prevails In SRC 2.0 – Najib’s Long Wait Ends
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