00:01The High Court has found former Prime Minister Datuk Seri Najib Razak liable for over US$1.3 billion in
00:08damages in a civil lawsuit brought by SRC International over one of the most high-profile financial scandals in the
00:14nation's history.
00:15The lawsuit, filed by SRC in May 2021, accused Najib of breaching his fiduciary duties, abusing his power, misappropriating company
00:25funds, and personally profiting from those actions, all linked to a RM4 billion loan that SRC received from the Retirement
00:31Fund Inc., known as QWAP.
00:34Delivering his decision on Tuesday, Justice Ahmad Firouz Zainal Abedin, now a Court of Appeal judge, found Najib liable on
00:41two counts.
00:421.18 billion US dollars for the loss of proposed investment funds linked to SRC, and a further 120 million
00:51US dollars as compensation for what the court described as Najib's fraudulent breach of fiduciary duties.
00:57The judge painted a damning picture of Najib's systematic abuse of power.
01:01As both Prime Minister and Finance Minister at the time, Najib allegedly intervened directly in QWAP's leadership to secure the
01:08RM4 billion loan, overriding prudent lending limits, and pushing through expedited approvals.
01:13Justice Ahmad Firouz said Najib also created the position of advisor emeritus within SRC, a role the court found he
01:22used to direct the company's investment strategy and to require the board to report to him on all material matters.
01:28In his written decision, Justice Ahmad Firouz delivered a pointed rebuke of Najib's concentration of power.
01:34No single individual should possess such unchecked power, and Najib abused every level of authority he controlled.
01:41Najib's lawyer, Tanshri Muhammad Shafi Abdullah, wasted no time in signalling a fight.
01:46He informed the court his client would be appealing the decision and sought an interim stay of execution on the
01:52payment.
01:53Justice Ahmad Firouz granted the stay and gave Muhammad Shafi 14 days to file the notice of appeal.
02:01Justice Ahmad Firouz continua examines.
Comments