KUALA LUMPUR (Dec 4): Former premier Datuk Seri Najib Razak will be on the witness stand for the second day in his defence of the seven charges related to SRC International Sdn Bhd.
The 66-year-old Pekan MP is one third through his question and answer as he had already answered 101 questions from his lawyers through a prepared witness statement which runs into 243 pages.
So far, he has testified, alleging that fugitive businessman Low Taek Jho is a close acquaintance to Terengganu's Tuanku Sultan Mizan Zainal Abidin and his sister in the setting up of the Terengganu Investment Authority (TIA), which is the predecessor for 1Malaysia Development Bhd (1MDB).
The defence is putting the entire blame on Low, who is also known as Jho Low, who they claimed is the architect to the 1MDB and SRC debacle.
Najib also told the court that his government had to reluctantly take TIA when the Terengganu government rejected it due to a disagreement in the issuance of the Islamic Medium Term Notes by AmBank to the amount of RM5 billion after the Federal Government agreed to guarantee its issuance.
He also added that he had no interests in SRC as his actions were focused on national interests, namely to ensure Malaysia has continued supply of energy alternatives and to reduce the reliance on oil and gas.
The former premier also said his notes on a June 3, 2011 letter from the government agreeing to support the company's application for a RM3.95 billion Retirement Fund Incorporated (KWAP) loan was not an approval.
He said that despite being the former Prime Minister and Finance Minister, the authority to approve the loan lies with KWAP's investment panel.
He also said he does not know SRC wanted to apply for the loan despite the June 3 letter being addressed to him.
Najib is expected to touch on the SRC second RM2 billion loan and the second government guarantee approved by his cabinet.
The second guarantee was approved before SRC even applied for the second loan.
Attorney General Tan Sri Tommy Thomas has told theedgemarkets.com on the sidelines yesterday that most probably the cross-examination by the prosecution can only start next Wednesday at the earliest following his long examination in chief.
The Edge is reporting the proceedings of the SRC trial live.