Offshore Asset Recovery Specialist Testifies in SRC International’s US$1.18 Billion Civil Suit Against Najib Razak

Offshore Asset Recovery Specialist Testifies in SRC International Civil Suit Against Najib Razak

KUALA LUMPUR, March 11 — Angela Barkhouse, managing director at Quantuma International, testified in the Commercial High Court today that none of the US$1.18 billion transferred out of SRC International (Malaysia) Limited’s (SRC BVI) bank account appeared to have been used for the long-term supply of energy and natural resources, the primary purpose for which the company was established.

Barkhouse, who was appointed as the liquidator of SRC BVI in August 2021, provided detailed insights into the complex network of offshore entities associated with the misappropriation of funds from SRC International. She highlighted that the majority of the funds from the RM4 billion loan obtained from the Retirement Fund Incorporated (KWAP) were not used as intended by Bank Negara Malaysia (BNM).

During her investigation, Barkhouse traced the flow of funds from SRC BVI to various intermediaries, including Cistenique Investment Fund BV, Enterprise Emerging Market Funds BV, Pacific Rim Global Growth Ltd, Muraset Ltd, and Gobi Resources Coal Ltd. She revealed that these entities were used as “pass-through” vehicles to conceal the misappropriation of assets and facilitate the movement of funds.

Barkhouse also identified recipients of the transferred funds, including individuals like ex-Goldman Sachs banker Tim Leissner’s ex-wife Judy Chan, Najib’s stepson Riza Aziz’s Red Granite Capital Ltd, American rapper Swiss Beatz, and vendors of high-value goods. She noted that there was little commercial sense in the fund transfers to entities linked to Malaysian businessman Jho Low.

The civil suit against former prime minister Najib Razak, filed by SRC International, alleges that he abused his power and obtained personal benefits from the company’s funds. Najib, who is currently serving a jail sentence for his involvement in the misappropriation of SRC International’s funds, is facing further legal action seeking damages and compensation for the losses incurred.

SRC International, now wholly owned by the Ministry of Finance Incorporated (MoF Inc), is seeking a declaration from the court holding Najib accountable for the company’s losses and demanding that he compensate the US$1.18 billion in losses suffered. The case continues to unfold as more details of the misappropriation scheme come to light in court.