Najib, son fail to stay bankruptcy proceedings

Former prime minister Najib Abdul Razak and his son failed in their bid to stay bankruptcy proceedings against them for the recovery of RM1.69 billion and RM36.7 million respectively in taxes.

The Kuala Lumpur High Court this afternoon denied Najib and Nazifuddin’s stay application against the bankruptcy proceedings initiated by the Inland Revenue Board (IRB).

When met by the media, counsel Muhammad Farhan Muhammad Shafee said Najib and Nazifuddin (above, left) sought the stay as they have tax-reassessment appeals with the Special Commissioners for Income Tax, a non-judicial tribunal under the IRB.

“We will appeal (to the High Court judge),” Farhan said about today's ruling issued by a court registrar.

In 2020, the Kuala Lumpur High Court allowed IRB’s bid for summary judgment (verdict without full trial) for the tax assessed against Najib and Nazifuddin.

A year later, the tax authorities initiated bankruptcy proceedings against the father and son at the High Court (Insolvency). - Mkini