The High Court has ruled that Najib Razak is liable for losses suffered by SRC International Sdn Bhd, ordering him to pay a total of US$1.3 billion (RM5.25 billion).
Judge Ahmad Fairuz Zainol Abidin allowed the company’s US$1.18 billion (RM4.77 billion) claim, finding that Najib had breached his fiduciary duties, abused his position, and misappropriated company funds for personal gain.
The court also ordered Najib to repay an additional US$120 million that had been transferred into his AmPrivate banking account ending 964, bringing the total sum to US$1.3 billion.
Costs will be decided at a later date.
In his judgment, Ahmad Fairuz held that Najib had abused his public office to enable SRC to secure a RM4 billion loan from Retirement Fund Inc under a government guarantee.
“The misuse of authority facilitated the direct offshore disbursement of RM3.6 billion without proper oversight, raising concerns over financial management. The actions led to the misappropriation of US$1.1 billion through fraudulent investment structures.”