00:00The High Court has suspended a US$1.3 billion judgment obtained by SRC International Sandiran
00:06Berhad against former Prime Minister Najib Razak pending an appeal.
00:11Justice Ahmad Firouz Zainul Abidin said the court was satisfied that special circumstances
00:16existed to justify a stale of execution pending appeal.
00:20Firouz noted that Najib is also subject to another monetary judgment from proceedings
00:25instituted by the Inland Revenue Board, as well as fines from criminal convictions.
00:30He said these simultaneous judgments and orders against Najib amounted to special circumstances
00:35for granting the stay, which defers but does not extinguish SRC International's entitlement
00:40to the judgment.
00:42The court also ordered Najib to pay a global sum of 2 million ringgit to SRC International
00:47solicitors and 150,000 ringgit each to solicitors of the third parties.
00:52On March 31, the court held Najib liable for US$1.18 billion in losses suffered by the
00:58company at an additional US$120 million in quantified damages after finding that he had
01:04orchestrated the misappropriation of funds into his personal bank account.
01:08A judgment in default was also entered against the second defendant, the company's former
01:12CEO, Nikfaisal Arif Kamil, who remains at large.
01:15Don Youshar Jariza FMTA.
Comments