SRC International Sdn Bhd has told the High Court that there are no special circumstances to justify a stay of execution for former prime minister Datuk Seri Najib Razak, pending his appeal against a ruling that found him liable for US$1.18 billion in losses linked to misfeasance in public office.
Representing SRC, lawyer P. Gananathan argued that Najib’s status as a former national leader does not entitle him to different treatment from any other judgment debtor, nor does it meet the legal threshold for a stay of execution.
He said if prominence in government or business were used as a basis for special consideration, it would undermine the principle of equality before the law.
Gananathan also noted that Najib had not presented evidence showing an inability to pay the judgment sum, adding that claims of personal hardship or reputational damage were not relevant grounds for the court to intervene.
“The personal hardship faced is a normal consequence of any monetary judgment,” he said, adding that the size of the award alone is insufficient to justify halting enforcement proceedings.
He further argued that concerns over the appeal becoming “nugatory” do not apply, stressing that financial difficulty in satisfying the judgment does not meet the legal standard required for a stay.
Addressing arguments over SRC’s current liquidation status, Gananathan said the winding-up order requires all recovered funds to be channelled into a trust account under the Ministry of Finance Incorporated, ensuring proper oversight and accountability.
He added that the liquidator remains an officer of the court and is bound to manage and safeguard funds in accordance with legal obligations, including potential restitution should the appeal succeed.
Meanwhile, Najib’s lawyer Muhammad Farhan Muhammad Shafee submitted that special circumstances do exist, citing the exceptionally large judgment sum and its potential to cause irreversible financial consequences.
He argued that allowing execution to proceed could force Najib into costly recovery actions should the appeal later succeed, especially given concerns over asset dissipation during SRC’s liquidation process.
Farhan also maintained that without a stay, the appeal could become meaningless if recovery of funds proves impossible.
High Court Judge Datuk Ahmad Fairuz Zainol Abidin, who now sits at the Court of Appeal, has fixed May 13 to deliver his decision on the application.
SRC is seeking repayment of US$1.18 billion in losses, along with an additional US$120 million allegedly linked to SRC-related funds credited into Najib’s personal accounts.
