The High Court will decide on costs and hear Najib Razak’s application for a stay of a USD 1.3 billion payment order to SRC International on May 7.
KUALA LUMPUR: The High Court here has fixed May 7 to decide on costs and hear Datuk Seri Najib Razak’s application for an interim stay of a USD 1.3 billion payment order to SRC International Sdn Bhd.
The date was set by deputy registrar Mohd Syafiq Mustaza during an e-review proceeding, confirmed the company’s counsel Datuk Lim Chee Wee.
The next month’s proceedings will also be conducted online, he added.
On Tuesday, the High Court ruled that the former premier is liable for SRC’s USD 1.3 billion losses. Judge Datuk Ahmad Fairuz Zainol Abidin found Najib had breached his fiduciary duties, abused his position, and misappropriated company funds for personal gain.
The judge allowed the company’s USD 1.18 billion lawsuit against Najib. He ordered Najib to pay that amount, plus USD 120 million he received into his personal account, bringing the total to USD 1.3 billion.
The court did not fix the costs and granted an interim stay on repaying the sum. Najib must file a formal application for this interim stay within 14 days from the decision date.
Judge Ahmad Fairuz held that Najib abused his public office, allowing SRC to obtain a RM 4 billion loan from KWAP under a government guarantee. The funds were later sent offshore without proper checks, resulting in a USD 1.1 billion loss through fraudulent investments.
SRC initiated the suit in May 2021, alleging Najib breached his fiduciary duties, abused power, and misappropriated funds. The company sought a declaration of Najib’s liability and compensation for USD 1.18 billion in losses from his alleged breaches.
It also sought quantified damages of USD 120 million from the former prime minister.
