Nearly RM4b investment of SRC funds a ‘sham’, Court of Appeal hears

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The investment of nearly RM4 billion of funds from SRC International was a sham, the Court of Appeal heard today.Deputy public prosecutor V Sithambaram made this assertion during the hearing of Najib Abdul Razak’s appeal to quash the former premier’s conviction and sentencing in the RM42 million SRC corruption case.The DPP was referring to the purported investment of nearly the whole amount of RM4 billion in loans from the Retirement Fund Incorporated (KWAP) to SRC.It was previously reported that around RM3.6 billion was sent out of SRC to a financial institution in Switzerland for a fixed deposit, which ended up being frozen by the Swiss authorities.It was also reported that the remainder were purportedly invested in Indonesia and Mongolia.Sithambaram remarked that Najib had testified during the High Court criminal trial that nothing came about with the purported investment o…