US EditionMalaysia Court Orders Ex-PM Najib to Pay US$1.3 Billion to 1MDB Unit
The court ruled Najib Razak misused power and breached trust causing US$1.18 billion loss, ordering payment plus US$120 million in compensation to SRC International.
- On Tuesday, the Kuala Lumpur High Court ordered former Prime Minister Najib Razak to pay US$1.3 billion to SRC International, a former 1MDB unit, after finding him liable for fiduciary breach and malfeasance.
- Justice Ahmad Fairuz Zainol Abidin ruled that Najib systematically abused his power as prime minister and finance minister, creating an 'adviser emeritus' position to consolidate control and eliminate institutional checks.
- The court ordered Najib to repay US$1.18 billion in investment losses and US$120 million in compensation for fraudulent breach of trust. Justice Fairuz stated Najib exercised 'comprehensive and meticulous control' over company decisions.
- Najib's lawyer, Tan Sri Muhammad Shafee Abdullah, announced plans to appeal the decision and requested an interim stay of execution, with the court allowing 14 days to file notice of appeal.
- Najib, imprisoned since August 2022 for a separate 1MDB corruption case, maintains his innocence while investigations allege $4.5 billion was embezzled from the fund he established in 2009.
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12 Articles
Judge said that Najib Razak abused his position, 2011, to guarantee US$ 1.3 bi loan for the SRC, old fund subsidy, along with the largest public pension fund in Malaysia, under government guarantee
Najib Razak Ordered to Pay $1.3 Billion in 1MDB Scandal
A Malaysian court has ordered ex-Prime Minister Najib Razak to pay $1.3 billion to a former unit of 1MDB. Najib, who co-founded the state fund, was found liable for losses incurred by SRC International. He has been in prison since 2022, convicted of related corruption charges.
High Court orders Najib to pay US$1.3bil to SRC over breach of fiduciary duty
KUALA LUMPUR: The High Court has allowed a US$1.3bil lawsuit filed by SRC International Sdn Bhd against Datuk Seri Najib Razak over breach of fiduciary duty and misfeasance in public office, linked to a RM4bil loan from the Retirement Inc Fund (KWAP) to SRC.
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