Did Nik Faisal hide RM3.95 billion loan bids from SRC directors?

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Nik Faisal Did Not Inform SRC Directors of RM3.95 Billion Loan Bids

Former SRC International chief executive Nik Faisal Ariff Kamil did not inform the company's directors, nor its parent company 1MDB, about his applications for a RM3.95 billion loan from the Retirement Fund (Incorporated) (KWAP). These applications also proposed that 1MDB would serve as the corporate guarantor for the loans.
Loan Applications Kept From SRC Board

Tan Sri Ismee Ismail, a former director of SRC International, testified in court that the SRC board was not made aware by Nik Faisal of his intention to apply for the RM3.95 billion loan from KWAP. Furthermore, Ismee confirmed that the board was also not informed about Nik Faisal's proposal to have 1MDB act as the guarantor for these significant loans.
1MDB Board Unaware of Meeting and Guarantee Proposal

The board of 1MDB was also kept in the dark regarding Nik Faisal's dealings with KWAP. Ismee stated that the 1MDB board was not informed that Nik Faisal had met with representatives from the pension fund, nor that KWAP was seeking further details about SRC International. Ismee agreed that the 1MDB board was never instructed to approve 1MDB's commitment as a corporate guarantor for the RM3.95 billion loan from KWAP.
Nik Faisal's Duty to Inform Was Not Fulfilled

Ismee concurred that it was Nik Faisal's responsibility to inform his fellow board members about the loan application. This duty was not performed, as evidenced by the fact that Ismee stated he was never informed about the loan application to KWAP dated August 12, 2011, which was signed by Nik Faisal in his capacity as managing director and chief executive of SRC International.

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Did Nik Faisal hide RM3.95 billion loan bids from SRC directors?

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