KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) had failed to secure a RM3bil grant from the Economic Planning Unit (EPU) in 2010 to set up its subsidiary SRC International Sdn Bhd, a witness testified.
The High Court heard that the state fund was instead given RM20mil as a launching grant to establish SRC International.
The 28th witness was testifying in an examination-in-chief by deputy public prosecutor Mohd Ashrof Adrin Kamarul in the corruption trial of Datuk Seri Najib Razak, who is accused of misappropriating RM42mil in funds belonging to SRC International.“It was an application by 1MDB to the finance minister and prime minister , which was then forwarded to the EPU,” she said.
Kamariah said EPU supported 1MDB’s proposal to start SRC International for the purpose of securing coal and uranium.“For iron, steel and aluminium, it was proposed that we continue allowing the private sector to run it, so we did not support the RM3bil grant,” she said.“The launching grant was just to set up the company. Maybe they need to get the talent for them to do due diligence,” she added.
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