The purpose of the loan was for the purchase of Inchcape Timuran shares and to purchase Kewangan Bersatu Berhad KBB, which had a finance licence. KBB was owned by Ishak Ismail, an Anwar crony and the Umno Penang Treasurer who controlled Idris Hydraulic, another Umno company. Anwar was then the Umno Penang chief. The RM420 million was dispersed but the KBB acquisition never took place. So what happened to the money? Where was it siphoned? Who hijacked it? That is what the court case this week will establish.
