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Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
No documents to justify SRC unit's RM19.5mil transfer to Umno, court told
SRC International's lawyer, Razlan Hadri Zulkifli, told the Kuala Lumpur High Court that Jendela Pinggiran Sdn Bhd's purpose was to 'purely collect money and transfer it out'. KUALA LUMPUR : The High Court heard today that SRC International Sdn Bhd's subsidiary, Jendela Pinggiran Sdn Bhd (JPSB), was a dormant company with only RM500 in its bank account before it received RM43.96 million from its parent company, with no documentation to justify the transfer. SRC International's lawyer, Razlan Hadri Zulkifli, told the court the former directors of JPSB had committed a breach of fiduciary duty following the lack of documents concerning the transfer. 'There were no resolutions, notes, internal memoranda, or even WhatsApp messages … nothing at all related to JPSB. 'JPSB had an opening balance of RM500 in April 2015. That remained the case until July 2015, when SRC International suddenly transferred RM43.96 million into JPSB's bank account. 'Not only were there no documents justifying the amount, obviously there were no documents justifying the RM19.5 million (transferred) to the defendants (Umno),' he said. Razlan was submitting in a suit filed by SRC International and its subsidiaries, JPSB and Gandingan Mentari Sdn Bhd, against the Umno headquarters and its Selangor chapter to recover RM19.5 million in funds, including RM3.5 million transferred to Selangor Umno. He said that after July 2015, JPSB returned to its 'natural state, very quiet, sitting there with a minimal sum of money in its bank account'. Razlan said there had been no documentation because JPSB's purpose was to 'purely collect money and transfer it out'. The plaintiffs claim that the defendants had dishonestly and knowingly received the funds from JPSB. Umno's lawyer, Shahrul Fazli Kamarulzaman, denied the claim, suggesting that JPSB was a special vehicle with a dedicated account to run corporate social responsibility activities, accept funds for CSR, and disburse them to third parties. He said the earlier examination of former JPSB director Suboh Yassin showed that there were documents available pertaining to the company's activities. 'PW-2 (Suboh Yassin) said there are other documents available outside the bundle, possibly with the authorities or in the plaintiff's office,' he said. The hearing before Justice Raja Ahmad Mohzanuddin Shah Raja Mohzan continues on July 30.
Malay Mail
3 days ago
- Politics
- Malay Mail
In SRC civil suit, Umno insists RM16m from Jendela Pinggiran was bona fide donation, used funds for CSR
KUALA LUMPUR, July 28 — The High Court here was told today that Umno had no knowledge that the RM16 million it received from Jendela Pinggiran Sdn Bhd (JPSB) could be traced to any breach of duty or trust. Umno's counsel, Mohamed Shahrul Fazli Kamarulzaman, submitted that the party received the said sum as donations and contributions. 'No evidence that the plaintiffs only knew of the RM16 million sum was disbursed due to breach of duty or trust by their former directors sometime in 2019. 'Umno at all times was a bona fide recipient of the RM16 million sum and the said sum has been spent and utilised by Umno in activities and programmes that were corporate social responsibility (CSR) in nature,' he said. The counsel made the submission during the hearing of a lawsuit filed by SRC International Sdn Bhd and its two subsidiaries – Gandingan Mentari Sdn Bhd (GMSB) and Jendela Pinggiran Sdn Bhd (JPSB) – against Umno and Selangor Umno. Mohamed Shahrul Fazli also submitted that there is no evidence to show that former Prime Minister Datuk Seri Najib Tun Razak, as the Advisor Emeritus of SRC at that time, had instructed the Board of SRC, GMSB or JPSB to disburse the RM16 million sum to Umno. 'The evidence only shows that the Board of SRC hold the ultimate decision-making authority for the management of business to fulfil SRC's objectives. 'It is clear that Datuk Seri Najib cannot, in essence or substance, be construed as a shadow director of the plaintiffs or their directing mind and will. At all times, Datuk Seri Najib's roles in the plaintiffs were due to his official capacity and subject to SRC's Articles of Association,' he added. Meanwhile, SRC's counsel Razlan Hadri Zulkifli submitted that there are no contemporaneous documents from JPSB or SRC to explain the transfer of RM16 million to Umno. He said there was also no reason whatsoever for the plaintiff to transfer, donate or gift the said sum to Umno and for the latter to receive these monies, to which Umno do not even have any relationship or knowledge of the plaintiffs, in the first place. 'Umno is harping on the fact that these monies were received by way of political donation. That is simply untenable given that Umno did not even verify or account for the RM16 million received at all times. 'Umno merely assumes the monies to be a political donation. To date, there have been no records shown whatsoever of the purpose for the transfer of RM16 million to Umno or reasons why JPSB's cheques were in the hands of Datuk Seri Najib at that material time,' he said. In the lawsuit against Umno, the plaintiffs are seeking RM16 million, which they allege was wrongfully transferred to the political party, asserting that Umno had no basis to receive the funds. The second lawsuit involves a claim of RM3.5 million against the Selangor Umno, which is also accused of receiving the funds. The hearing before Judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan continues on Wednesday. — Bernama
