Thursday, 17 May 2018 | MYT 12:00 AM
Investment in SRC Group
> Obtained two loans from Retirement Fund Inc (KWAP) amounting to RM4bil
> 1MDB shareholding in SRC transferred to MoF Inc on Feb 15, 2012
SRC International Sdn Bhd was established on Jan 7, 2011 to pursue investments in strategic resources, particularly in the coal industry.
Flushed with cash, the company led by CEO Nik Faisal Ariff Kamil (pic) teamed up with Aabar Investments PJS to set up SRC Strategic Resources Ltd with a contribution of US$60mil each.
The board of SRC then approved a US$45.5mil investment in the charcoal industry in Mongolia without evidence of a feasibility study being done on the project. SRC also invested US$120mil in PT ABM Investama, a company listed on the Jakarta Stock Exchange.