KUALA LUMPUR (Mar 24): SRC International Sdn Bhd, a wholly-owned unit of the Finance Ministry, posted a RM164.35 million loss for financial year ended Mar 31, 2014 (FY14) compared to a RM52.6 million profit a year earlier, according to oppposition lawmakers.

PKR secretary general Rafizi Ramli said the loss was mainly due to a 50:50 joint venture (JV) in Mongolia between SRC International and Gobi Coal and Energy Ltd.

"More details on the JV will be disclosed tomorrow,"  Rafizi said during a press conference at the parliament lobby today.

Citing SRC International's FY14 financial report, which was filed on Oct 30, 2014, Rafizi pointed out that the firm did not generate any revenue for FY14 and FY13.

This was despite SRC International taking a RM4 billion loan from Kumpulan Wang Persaraan (Diperbadankan) (KWAP) or Retirement Fund (Inc), according to Rafizi, who is also Pandan MP.

"For the latest financial year, SRC International posted a loss of RM164 million without earning any revenue. This means any activity by the company did not generate any revenue, given that the company has a RM4 billion loan from KWAP.

"This also means the money borrowed from KWAP was used to service the interest on the RM4 billion loan," Rafizi said.

Rafizi urged Prime Minister Datuk Seri Najib Tun Razak to order SRC International to return the RM4 billion loan to KWAP.

Rafizi expressed his concern over the modus operandi, which was similar to debt-laden 1Malaysia Development Bhd (1MDB), another wholly-owned unit of the Finance Ministry.

"It is clear that what happened to 1MDB is currently faced by SRC International. It is even worse in the case of SRC International as the RM4 billion funding was from the pension fund for civil servants, which should be invested carefully," Rafizi said.