High Court sets May 7 to decide on costs, hears Najib's bid to stay USD1.3 billion SRC payment

KUALA LUMPUR - The High Court here today fixed May 7 to decide on costs and hear Datuk Seri Najib Razak’s application for an interim stay of the USD1.3 billion payment to SRC International Sdn Bhd.

The company’s counsel, Datuk Lim Chee Wee, confirmed that the date was set by deputy registrar Mohd Syafiq Mustaza during an e-review proceeding.

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 USD1.3 billion losses after finding that he had breached his fiduciary duties, abused his position, and misappropriated the company’s funds for personal gain.

Judge Datuk Ahmad Fairuz Zainol Abidin, in allowing the company’s USD1.18 billion lawsuit against Najib, ordered him to pay the amount, in addition to USD120 million that he had received from the company into his personal bank account, hence bringing the total to USD1.3 billion.

The court, however, did not fix the costs and granted Najib an interim stay on repaying the US$1.3 billion. He must file a formal application for the interim stay within 14 days from the date of the decision.

The judge held that Najib had abused his public office, allowing SRC to obtain a RM4 billion loan from the Retirement Fund Inc (KWAP) under a government guarantee, which was later sent offshore without proper checks, resulting in the loss of USD1.1 billion through fraudulent investments.

SRC initiated the suit in May 2021, alleging that Najib had breached his fiduciary duties, abused power, and misappropriated company funds for personal gain.

The company seeks, among other relief, a declaration of Najib's liability and compensation for USD1.18 billion in losses sustained from his alleged breach of fiduciary duties and trust.

It also seeks quantified damages of USD120 million from Najib. - BERNAMA