The High Court has set May 7 to decide on costs and to hear Datuk Seri Najib Razak’s application for a stay of execution regarding a US$1.3 billion payment to SRC International Sdn Bhd.
Lawyer Datuk Lim Chee Wee, who represents SRC, confirmed that the date was fixed by assistant registrar Mohd Syafiq Mustaza and that the proceedings will be conducted online via Zoom.
He added that the hearing next month will take place virtually.
Earlier on Tuesday, the High Court ruled that the former prime minister is liable for losses amounting to US$1.3 billion suffered by SRC International after finding that he breached fiduciary duties, abused his position, and misappropriated company funds for personal benefit.
In the judgment, Justice Datuk Ahmad Fairuz Zainol Abidin, who is now a Court of Appeal judge, allowed the company’s claim of US$1.18 billion against Najib, and also ordered him to repay an additional US$120 million that was allegedly transferred into his personal bank accounts. This brings the total sum to US$1.3 billion.
The court, however, did not fix costs and allowed Najib to apply for a temporary stay of payment within 14 days from the date of the ruling.
The judge found that Najib had abused his position, enabling SRC to obtain a RM4 billion loan from the Retirement Fund Incorporated (KWAP) under a government guarantee. The ruling also stated that the misuse of authority led to the transfer of RM3.6 billion overseas without proper oversight, resulting in the alleged misappropriation of US$1.1 billion through a fraudulent investment structure.
SRC filed the lawsuit in May 2021, accusing Najib of breaching fiduciary duties, abusing power, and misappropriating company funds for personal gain, and is seeking damages, interest, costs, and a declaration of liability.
The company is also claiming US$120 million in additional sums allegedly received by Najib.
