Tag: USD1.3 billion

Datuk Seri Najib successfully delays USD1.3 billion payment to SRC pending appeal

KUALA LUMPUR: The High Court here today allowed Datuk Seri Najib Razak's application to postpone the implementation of the USD1.3 billion compensation payment to SRC International pending an appeal against the court's decision last March. Judge Datuk Ahmad Fairuz Zainol Abidin, who is now a Court of Appeal judge, said there were special circumstances that justified the stay, including the large amount of claims against an individual, the precedent of a stay granted in Najib's tax case involving RM1.69 billion, as well as the fine imposed on him in a previous criminal case. "Factors to consider are the unusually large financial judgment amount imposed on the defendant, the financial judgment of similar scale in the Inland Revenue Board suit as well as criminal liability involving financial penalties." "The judgment and order that the defendants are facing simultaneously, when viewed as a whole, are special circumstances that justify the granting of a stay... it is better for this case to be fully decided at the highest level first before any enforcement is carried out," he said. In the proceedings held via the Zoom application today, Ahmad Fairuz ordered Najib to pay costs of RM2 million to SRC International and RM150,000 to each of the third-party defendants named in the suit. In his decision last March, the judge did not set the amount of costs that the former Prime Minister had to pay to SRC International and the five third-party defendants in the suit. They are former directors of SRC International, namely Tan Sri Ismee Ismail, Datuk Suboh Md Yassin, Datuk Mohamed Azhar Osman Khairuddin, Datuk Shahrol Azral Ibrahim Halmi and Datuk Che Abdullah @ Rashidi Che Omar. This was confirmed by SRC International's lawyer, Luc Choong, after the proceedings were completed. On March 31, the High Court ruled that Najib was liable for the USD1.3 billion losses suffered by SRC International Sdn Bhd after he was found to have breached fiduciary duties, abused his position and misappropriated company funds for personal gain. Ahmad Fairuz made the decision after allowing a civil suit filed by SRC International totaling USD1.18 billion and ordered Najib to pay the amount, in addition to the USD120 million he received from the company involved into an AmPrivate Banking account with a number ending in 964, bringing the total to USD1.3 billion. The court also dismissed Najib's claim against the third-party defendant with costs after finding that he, who had control over the company, could not abdicate responsibility to individuals who were merely implementing decisions made on his own instructions. SRC initiated the suit in May 2021, claiming that Najib had breached fiduciary duties, abused his power and misappropriated company funds for personal gain. -- BERNAMA

KUALA LUMPUR: The High Court here today allowed Datuk Seri Najib Razak’s application to postpone the implementation of the USD1.3 billion compensation payment to SRC International pending an appeal against the court’s decision last March. Judge Datuk Ahmad Fairuz Zainol Abidin, who is now a Court of Appeal judge, said there were special circumstances that […]