RM1.5b from development coffer paid to KWAP to service SRC loan

The federal government used over RM1.5 billion from its development allocation to service SRC International's government-guaranteed loans with the Retirement Fund Incorporated (KWAP).

According to the Auditor-General's Report on the government's financial statement for 2021, the company also still owes the government another RM597.55 million in direct loans.

"SRC International has taken government-guaranteed loans...