KUALA LUMPUR: The High Court here on Wednesday (May 13) granted Datuk Seri Najib Tun Razak a stay of execution on the payment of US$1.3bil awarded to SRC International Sdn Bhd, pending his appeal against the court's March ruling.
Judge Datuk Ahmad Fairuz Zainol Abidin, now a Court of Appeal judge, ruled that special circumstances justified the stay.
These included the substantial size of the sum awarded against a single individual, the precedent of a stay granted in Najib's tax case involving RM1.69bil and the fines imposed on him in his criminal cases.
"The factors relevant for consideration are the unprecedented magnitude of the monetary judgment entered against the defendant, the concurrence of equally unprecedented monetary judgment against the defendant in the Inland Revenue Board (IRB) suit, and the criminal liabilities which attract monetary penalties.
"These simultaneous judgments and orders faced by the defendant, when taken together, make up special circumstances on why a stay is to be granted.
"It is best that the case be finally determined at the highest level before any enforcement is allowed," the judge said.
During a proceeding via Zoom, Justice Ahmad Fairuz ordered Najib to pay RM2mil in costs to SRC International and RM150,000 each to five third-party defendants named in the suit.
In its March ruling, the court did not specify the costs Najib owes to SRC International and the five third-party defendants he added to the case.
The third-party defendants were former directors 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
The matter was confirmed by SRC International’s counsel, Luc Choong, following the proceedings.
On March 31, the court ruled that Najib is liable for SRC International’s US$1.3bil losses after finding that he had breached his fiduciary duties, abused his position and misappropriated the company’s funds for personal gain.
Justice Ahmad Fairuz, in allowing the company’s US$1.18bil lawsuit against the former premier, ordered Najib to pay the amount, in addition to US$120mil that he had received from the company into his AmPrivate banking account ending 694, hence bringing the total to US$1.3bil.
The court also dismissed his claims against the third-party defendants with costs, ruling that, having exercised control over the company, Najib could not subsequently shift liability onto the very individuals he directed merely because they formally executed his decisions.
SRC sued Najib in May 2021, alleging breach of fiduciary duties, abuse of power and misappropriation of company funds for personal gain. — Bernama
