KUALA LUMPUR: A Malaysian court on Tuesday (Mar 31) ordered jailed former Prime Minister Najib Razak to pay US$1.3 billion to a former unit of scandal-tainted state fund 1MDB, state media reported.
The Kuala Lumpur High Court ruled that Najib was liable for losses incurred by SRC International, a former subsidiary of sovereign wealth fund 1Malaysia Development Berhad, state news agency Bernama reported.
High Court judge Ahmad Fairuz Zainol Abidin ruled that Najib breached his fiduciary duties, abused his position as prime minister, and misappropriated SRC funds for personal gain, state news agency Bernama reported.
SRC’s lawyer, Lim Chee Wee, confirmed the Bernama report to Reuters but declined further comment on the ruling in its civil suit against Najib.
Local news outlet New Straits Times (NST) reported that the judge held Najib liable for SRC’s losses amounting to US$1.18 billion. The court also found that another US$120 million from SRC-linked funds was credited into his personal account bank account, and it rejected his claims that the funds were donations.
“Najib exercised comprehensive and meticulous control over every critical decision affecting the company, from its incorporation through to the cover-up of the misappropriation,” Fairuz was quoted as saying by NST.
“He wielded his position as prime minister and finance minister not to serve the public interest or SRC’s legitimate corporate purposes, but to facilitate a systematic misappropriation,” he added.
Najib would appeal the ruling, his lawyer Muhammad Shafee Abdullah said, according to Bernama. Muhammad Shafee did not immediately respond to Reuters’ request for comment.
https://www.channelnewsasia.com/asia/malaysia-court-orders-ex-prime-minister-najib-razak-pay-13-billion-1mdb-6028126
