KUALA LUMPUR: Datuk Seri Najib Razak has applied for a stay of the US$1.3bil payment to SRC International Sdn Bhd awarded by the High Court.
The High Court has fixed May 7 to hear the stay application and also submissions on costs in the lawsuit brought by SRC International against the former premier for breach of fiduciary duty.
SRC International’s lawyer Kwan Will Sen, when contacted, said the date was fixed by deputy registrar Mohd Syafiq Mustaza during an e-review proceeding here yesterday.
On Tuesday, the High Court allowed a US$1.3bil lawsuit filed by SRC International against Najib over breach of fiduciary duty and misfeasance in public office, linked to a RM4bil loan from the Retirement Inc Fund (KWAP) to the company.
Trial judge Justice Ahmad Fairuz Zainol Abidin, who is now a Court of Appeal judge, found that Najib was liable to account for and pay the sum of US$1.18bil and US$120mil to SRC International.
The US$1.18bil was the loss of proposed investment funds linked to SRC International while the US$120mil was the compensation for Najib’s fraudulent breach of fiduciary duties.
The court found that Najib had breached his trust, abused his power, misappropriated the company’s funds and personally benefited from these actions.
The lawsuit originally named Najib, along with former SRC International directors Datuk Suboh Md Yassin, Mohammed Azhar Osman Khairuddin, Nik Faisal Ariff Kamil, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi and Tan Sri Ismee Ismail.
However, later, it removed six names from the suit and retained Najib and Nik Faisal as the first and second defendants.
Najib then brought the formerly named SRC International directors as third-party respondents in the suit.
For the claims against the third-party defendants brought by Najib, the High Court dismissed all claims with costs, to be decided later.
The High Court allowed an interim stay of execution on the payment pending the hearing of the proper stay application.
Najib intends to appeal the High Court’s decision in allowing the US$1.3bil lawsuit against him.
