The High Court has held Datuk Seri Najib Razak accountable for RM4.77 billion in losses suffered by SRC International, ordering the former prime minister to pay a total of RM5.25 billion.

KUALA LUMPUR, March 31 — The High Court ruled today that Datuk Seri Najib Razak is liable for US$1.3 billion (RM5.25 billion) in losses suffered by SRC International Sdn Bhd.

Judge Datuk Ahmad Fairuz Zainol Abidin found that the former prime minister breached his fiduciary duties and abused his position to misappropriate company funds, including US$120 million traced directly to his personal bank account.

The court ordered Najib to pay US$1.18 billion in damages plus the US$120 million he personally received. Justice Ahmad Fairuz stated that Najib’s misuse of authority directly caused the company's financial ruin.

The judgment highlighted that Najib’s actions enabled SRC to obtain a RM4 billion loan from KWAP under government guarantee. This facilitated an offshore disbursement of RM3.6 billion without proper oversight or investigation.

Asset recovery specialist Angela Barkhouse testified that the US$120 million was moved through several entities, including Blackstone, before reaching Najib’s account. The judge noted that the transaction chain was supported by clear evidence.

Najib’s attempt to shift blame onto third-party defendants was dismissed. The court ruled that as the primary person in control, he could not divest himself of liability for decisions he had personally directed.

Following the verdict, Najib’s lawyer, Tan Sri Muhammad Shafee Abdullah, announced plans to appeal. The court granted a 14-day interim stay on the multi-billion ringgit payment. — Bernama