Najib to apply for stay of SRC's civil case pending criminal appeal

 

Najib Abdul Razak will apply for a stay of proceedings in a civil suit filed by SRC International Sdn Bhd against him for alleged breach of trust and breach of statutory duty in relation to the RM4 billion Retirement Fund Inc (KWAP) loan to SRC.

The former premier’s counsel Muhammad Farhan Muhammad Shafee said this was because his client wanted the criminal case involving SRC which was at the appeal stage at the Court of Appeal to be completed first before proceeding with the civil suit.

“We have informed the court that we are filing for a stay of proceedings of the civil suit until the full disposal of the criminal case. The court has set Nov 4 for the next case management,” he told Bernama after a case management today, which was conducted online before High Court judge Ahmad Fairuz Zainol Abidin.

On July 28 last year, High Court judge Mohd Nazlan Mohd Ghazali sentenced Najib to 12 years’ jail and fined him RM210 million after finding him guilty on seven charges of criminal breach of trust (CBT), money laundering and abuse of position, involving RM42 million of SRC funds.

On May 7, SRC under its new management filed legal action against Najib and its former directors Suboh Md Yassin, Mohammed Azhar Osman Khairuddin, Nik Faisal Ariff Kamil and Che Abdullah @ Rashidi Che Omar.

SRC, a subsidiary of 1MDB as a plaintiff, in the writ of summons alleged that all the defendants conspired and committed a breach of trust besides claiming that the former prime minister had abused his power and obtained personal benefits from SRC funds as well as misappropriated the funds. Najib was SRC’s emeritus advisor from May 1, 2012, until March 4, 2019.

SRC, which is now wholly owned by the Ministry of Finance Incorporated (MOF Inc) is seeking a declaration that all the defendants are liable to pay the loss of investment funds as a result of the use of the loan amount in addition to claiming general damages, exemplary, additional and interest, costs and other appropriate relief provided by the court.

- Bernama