Hearing of SRC International lawsuit against Najib, Nik Faisal to resume on July 29

KUALA LUMPUR: The hearing of SRC International Sdn Bhd's US$1.18bil lawsuit against former prime minister Datuk Seri Najib Razak and former SRC CEO Nik Faisal Ariff Kamil at the High Court will resume on July 29.

Najib's lawyer Tan Sri Muhammad Shafee Abdullah told Justice Ahmad Fairuz Zainol Abidin that the respondent would recall former SRC director Tan Sri Ismee Ismail for a re-examination.

The court was informed that Ismee is currently abroad and would return on June 30, prompting the court to postpone proceedings to July 29.

Muhammad Shafee said there were additional questions for the witness.

Under new management, SRC filed the legal action in May 2021 alleging that Najib had committed breach of trust, abuse of power, misappropriated the company's funds and personally benefited from it.

It named Najib along with its former directors Datuk Suboh Md Yassin, Mohammed Azhar Osman Khairuddin, Nik Faisal, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi and Ismee in May 2021.

However, it removed six names from the suit and retained Najib and Nik Faisal as the first and second defendants.

Additionally, Najib has brought the former SRC International directors as third-party respondents in the suit.

The company is seeking damages, interests, costs and a court declaration that Najib is responsible for the company’s losses due to his breach of duties and trust and is demanding that Najib pay back the US$1.18bil in losses that it has suffered.

It is also seeking US$120mil and US$2mil from Najib and Nik Faisal respectively, on account of fraudulent breach of fiduciary duties and breach of trust.

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