KUALA LUMPUR, April 3 — The High Court here today fixed May 7 to decide on costs and hear Datuk Seri Najib Razak’s application for a stay of the US$1.3 billion (RM5.24 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 US$1.3 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 US$1.18 billion (RM4.75 billion) lawsuit against Najib, ordered him to pay the amount, in addition to US$120 million (RM483.97 billion) that he had received from the company into his personal bank account, hence bringing the total to US$1.3 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 US$1.1 billion (RM4.43 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 US$1.18 billion in losses sustained from his alleged breach of fiduciary duties and trust. 

It also seeks quantified damages of US$120 million from Najib. — Bernama