KUALA LUMPUR: Muraset Limited, an entity allegedly linked to fugitive businessman Low Taek Jho, received US$15 million from SRC International BVI BSI Bank account in December 2011, the High Court heard.
The court was told that US$14.9 million was subsequently transferred to several individuals, including the son of former Mongolia prime minister and a politician.
Angela Barkhouse, a British financial investigations expert, told the High Court today that Muraset, a private limited company incorporated in the British Virgin Islands (BVI) in March 2010, received the monies on Dec 27, 2011.
The offshore asset recovery specialist said research on Muraset indicated that Sükhbaataryn Batbold, the former prime minister of Mongolia, controlled Muraset through its shareholder, BVI-incorporated company Grandcastle Assets Limited.
"The business of the company, however, is unknown," she said.
"US$2 million went to Dash Uranbileg, believed to be a political figure in Mongolia.
"US$40,000 went to Battushig Batbold, the son of Batbold," the second witness said in her witness statement in the SRC International suit against former prime minister Datuk Seri Najib Razak.
She was testifying in online proceedings from the Cayman Islands before judge Datuk Ahmad Fairuz Zainol Abidin.
Barkhouse said US$4.5 million was transferred to Cheong Choo Young, a reported proxy of Batbold and director of Muraset.
There was also US$1.4 million transferred to Kim Hak Seon, a reported proxy of Batbold and Cheong's spouse.
She said US$4.54 million and US$2.5 million were each transferred to Infinite Properties Limited and Bophut Investments Limited, two BVI-registered companies owned by proxies of Batbold.
Barkhouse said SRC BVI's BSI Bank account had transferred US$12.19 million to entity Pacific Rim Global Growth Limited on Dec 20, 2013.
Of which, US$11.95 million was subsequently transferred to entity Affinity Equity International Partners Limited on Dec 24 that year.
She said there were further movements of funds out of Affinity, one of which was when US$1 million was transferred to Monza Studios on Dec 26, 2013.
"Monza Studios is or was a United States-based studio owned by Kasseem Dean, a musician otherwise known as Swiss Beatz," she said.
She said she had yet to determine the services for which Monza Studios received US$1 million.
"However, I note media reporting which states that Swizz Beatz, the owner of Monza Studios, had performed at Jho Low's birthday party," she said.
Barkhouse said Affinity had also transferred US$680,000 to TKIL Global Investments Ltd, a BVI-incorporated entity.
She said she had identified no links between the entity and the energy and resources sector, the purpose for which SRC International was established.
On May 7, 2021, SRC's new management initiated legal action against Najib, naming him as the first defendant, for alleged breach of trust and breach of statutory duty involving the RM4 billion Retirement Fund Incorporated loan to SRC.
The trial continues tomorrow.