The High Court on Wednesday granted former Malaysian prime minister Najib Razak a stay of execution on a civil judgment in favour of SRC International Sdn Bhd while he appeals the ruling. [1, 2, 3, 4, 5, 6]
Judge Datuk Ahmad Fairuz Zainol Abidin said special circumstances justified the stay, including the unprecedented size of the monetary judgment and other financial liabilities involving Najib. He said the balance of justice favoured a pause and that SRC’s right to collect the award was not lost, only deferred until the appeal is decided. [1, 2, 3]
Reports put the judgment at more than US$1 billion, with one figure given as US$1.18 billion and another as US$1.3 billion when US$120 million in SRC funds allegedly found in Najib’s personal account is included. The judge said he was not aware of any precedent where such a large monetary judgment had been entered against a single individual. [1, 2, 3, 5, 6]
The court also ordered Najib to pay RM2 million in costs to SRC International in the main suit. In third-party proceedings, he was ordered to pay RM150,000 in costs to each of the third-party defendants or their solicitors. Those defendants were former SRC 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. [1, 2, 3, 4, 5, 6]
The March 31 ruling found Najib liable for SRC International’s losses and was described in the reports as involving misfeasance in public office, breach of fiduciary duty, abuse of position and misappropriation of company funds. The case is linked in the reports to Najib’s appeal and to previous stay orders in his tax case involving RM1.69 billion. [1, 2, 3, 5, 6]
Parties submitted arguments on the cost and stay issues on May 7, and Wednesday’s order means the SRC judgment will remain on hold until the appeal is heard. [1, 2, 3, 4, 5, 6]
