SRC Trial: SRC borrowed RM4b, agreed to pay RM9.2b back to KWAP
Kuala Lampur, July 15 -- SRC International Sdn Bhd had agreed to pay the Retirement Fund (Incorporated) (KWAP) RM9.2 billion in return after taking out two loans totaling some RM4 billion from the fund back in 2011 and 2012.
It was revealed today in court that among the terms agreed upon by KWAP and SRC International was for each loan of RM2 billion be repaid at a price of RM4.6 billion, after taking into account a 12 per cent interest rate.
Mohd Suhaimi Ismail, 56, the prosecution's 48th witness in Datuk Seri Najib Razak's RM42 million SRC International trial, told Deputy Public Prosecutor Muhammad Saifuddin Hashim Musaimi today that the terms of the loan between the two entities were done by way of a Shariah-compliant repayment method...
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